Building Details

Year Built 1890

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

Listed By: Robyn Sansone · License #10491209960

Source: Skinnercnyrealty

Added: Aug 10 Changed: Aug 30 Last Checked: Aug 30 at 7:22PM

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Investment Insights

Based on property information with market context.

This duplex contains 2,812 square feet with a 4BR upper unit and a 2BR lower unit. Each residence has an individual driveway and designated parking area. The property includes a 6-car garage and workshop with a new steel roof, plus a separate 2-car garage with its own driveway. New gas furnaces were installed in both units in 2022.

The building dates to 1890 and has been updated throughout, with a newer covered patio providing an additional outdoor area. Both units are occupied by yearly tenants who want to remain, providing an existing residential income arrangement. Located at 1874 Hess Rd in Appleton, NY, the property combines two rental units with substantial garage, workshop, and parking space.

Key Highlights

• 2,812 SF duplex with 4BR upper and 2BR lower units
• 6‑car garage/workshop with new steel roof
• Separate 2‑car garage with dedicated driveway

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.

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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Frequently Asked Questions

What type of property is this?

Duplex - Updated two-unit property with separate parking areas, multiple garages, and a covered patio.

Where is this duplex located?

The property is located at 1874 Hess Rd 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: 2,812 SF duplex with 4BR upper and 2BR lower units; 6‑car garage/workshop with new steel roof; Separate 2‑car garage with dedicated driveway