Building Details

Building Size 2,812 SF

Year Built 1890

Stories 2

Units 2

Tenancy Multi

Listing Agency: WNYbyOwner.com r**@wnybyowner.com Show Phone

Listed By: Robyn Sansone · License #10491209960 Show Phone

Source: Wcirealty

Added: Jun 9 Changed: Aug 17 Last Checked: Aug 20 at 2:55PM

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Investment Insights

Based on property information with market context.

This duplex includes a four-bedroom upper unit and a two-bedroom lower unit, with each residence served by its own driveway and parking area. The property has been updated throughout and includes new gas furnaces installed in 2022. A covered patio adds an outdoor gathering area with additional privacy.

Garage and work areas provide substantial utility for residents or an owner occupant. The property includes a six-car garage and workshop with a new steel roof, plus a separate two-car garage. Each garage area has a dedicated driveway. Both units are occupied by yearly tenants, and the current tenants want to remain. Built in 1890, the property is located at 1874 Hess Road in Appleton, NY 14008.

Key Highlights

• Duplex with a 4BR upper unit and 2 BR lower unit
• New gas furnaces in each unit installed in 2022
• 6 car garage/workshop with new steel roof

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$24,696

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

8.37%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$493,920 $493.9K

Cap Rate 7%

$352,800 $352.8K

Cap Rate 9%

$274,400 $274.4K

Market Conditions

NOI Build-Up for 2,812 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$37.8K $13.44/SF

− Vacancy

−$2.5K −$0.89/SF

EGI

$35.3K $12.55/SF

− OpEx

−$10.6K −$3.76/SF

NOI

$24.7K $8.78/SF

Area

Niagara County, NY

Vacancy

6.65%

Lease Rate

$13.44 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$493,920

Cap Rate 7%

$352,800

Cap Rate 9%

$274,400

Alternative Uses

Best Use

Multifamily LT 5

$352.8K

$308.7K – $411.6K (±1% cap)

NOI $24,696 @ 7.0% cap · market cap 8.37%

Second Best

Apartment 5plus

$313.1K

$274.0K – $365.3K (±1% cap)

NOI $21,920 @ 7.0% cap · market cap 7.43%

Theoretical Best

Warehouse

$2.39M

$2.09M – $2.79M (±1% cap)

NOI $167,254 @ 7.0% cap · market cap 56.70%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Auto Parts Store Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 14008, NY

1,306

Population

658

Households

2

Avg Household Size

47

Median Age

22%

College-Educated

82%

High-School Grad

24.8 sq mi

ZIP Area

53

Density / Sq Mi

$68,452

Median Household Income

$33,393

Median Earnings

$559

Median Rent

$190,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units include separate driveways, parking areas, and a covered patio.

Where is this duplex located?

The property is located at 1874 Hess Road Appleton, NY.

What is the asking price?

The asking price for this property is $295,000.

What are key features of this property?

This property features: Duplex with a 4BR upper unit and 2 BR lower unit; New gas furnaces in each unit installed in 2022; 6 car garage/workshop with new steel roof