Remodeled Duplex with
New
For Sale
$399,900
199 Tonawanda Creek Road, Amherst, NY 14228
Both apartments offer updated kitchens and baths, formal dining rooms, and generous closet space.
Property Size2,400 SF
Price / SF$166.63
Days on Market5
Property Features for 199 Tonawanda Creek Road
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,219
Amenities
fenced yard
deck
full basement
Building Details
Building Size
2,400 SF
Year Built
1966
Buildings
1
Listing Agency:
Parlato Real Estate
(716) 578-0325
Listed By:
James V Parlato · License #37PA1027588
(716) 578-0325
Source:
Highfallssir
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 7:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Parlato Real Estate
Investment Insights
Based on property information with market context.
Built in 1966, this duplex contains approximately 2,400 sq. ft. across two apartments of approximately 1,200 sq. ft. each. Both layouts include a large living room, formal dining area, eat-in kitchen, updated bathroom, three bedrooms, and substantial closet storage. Recent improvements include an architectural roof, replacement windows, refreshed kitchens and baths, new paint, and new flooring.
The property sits on a large lot with a fenced yard, deck, full basement, and oversized 2.5-car garage. Set back from Tonawanda Creek Road, it provides off-street parking along with room for 5+ additional vehicles in the driveway. The home is in West Amherst, just off Niagara Falls Boulevard and within a 10-minute walk of Wegmans, Tops, Starbucks, restaurants, and shopping.
The property sits on a large lot with a fenced yard, deck, full basement, and oversized 2.5-car garage. Set back from Tonawanda Creek Road, it provides off-street parking along with room for 5+ additional vehicles in the driveway. The home is in West Amherst, just off Niagara Falls Boulevard and within a 10-minute walk of Wegmans, Tops, Starbucks, restaurants, and shopping.
Key Highlights
- Approximately 2,400 sq. ft. duplex with two apartments of approximately 1,200 sq. ft. each
- Each apartment includes three bedrooms, a living room, formal dining room, eat‑in kitchen, updated bath, and closet space
- Brand‑new architectural roof and brand‑new replacement windows throughout
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
$31,528
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
7.88%
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%
$630,560
$630.6K
Cap Rate 7%
$450,400
$450.4K
Cap Rate 9%
$350,311
$350.3K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$2.5K −$1.03/SF
EGI
$45.0K $18.77/SF
− OpEx
−$13.5K −$5.63/SF
NOI
$31.5K $13.14/SF
Area
Amherst, NY
Vacancy
5.22%
Lease Rate
$19.80 /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%
$630,560
Cap Rate 7%
$450,400
Cap Rate 9%
$350,311
Alternative Uses
Best Use
Multifamily LT 5
$450.4K
$394.1K – $525.5K
NOI $31,528 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$414.8K
$363.0K – $484.0K
NOI $29,039 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$618.5K
$541.2K – $721.6K
NOI $43,296 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 14228, NY
23,945
Population
10,601
Households
2.3
Avg Household Size
32
Median Age
49%
College-Educated
92%
High-School Grad
15.9 sq mi
ZIP Area
1,506
Density / Sq Mi
$72,426
Median Household Income
$40,958
Median Earnings
$1,264
Median Rent
$246,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both apartments offer updated kitchens and baths, formal dining rooms, and generous closet space.
Where is this duplex located?
The property is located at 199 Tonawanda Creek Road Amherst, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Approximately 2,400 sq. ft. duplex with two apartments of approximately 1,200 sq. ft. each; Each apartment includes three bedrooms, a living room, formal dining room, eat‑in kitchen, updated bath, and closet space; Brand‑new architectural roof and brand‑new replacement windows throughout
