Updated Four-Unit
New
For Sale
$250,000
2097 Sherman Avenue, North Collins, NY 14111
Residential, North Collins, NY
Property Size2,683 SF
Lot Size0.29 Acres
Price / SF$93.18
Days on Market7
Property Features for 2097 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 3, Basement, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2
Interior features
Storage
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot, Ski In Ski Out
Elementary school district
North Collins
Middle school district
North Collins
High school district
North Collins
Directions
Close to Downtown Eden and Tim Hortons. South Park / rt62 to Sherman Avenue corner of Railroad Avenue
Subdivision
North Collins-Village-145801
Standard status
Active
APN
145801-269-190-0003-013-000
Size
2,683 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
5209
Utilities
Heating system
Zoned, Baseboard, Forced Air, Natural Gas, Hot Water(Heating)
Cooling system
Zoned
Water source
Public
Amenities
coin op laundry
storage sheds
Building Details
Year built
1880
Floors in Building
2
Number of units
4
Flooring type
Varies, Carpet, Hardwood, Vinyl, Tile
Building materials
AluminumSiding, Brick, VinylSiding, WoodSiding, CopperPlumbing, PexPlumbing
Roof type
Asphalt, Metal
Architectural style
Other
Additional Structures
Storage
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 668-7000
Listed By:
John M Fox · License #40FO1013405
(716) 481-6464
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 22 at 11:06PM
MLS# B1713145
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,683-square-foot quadplex includes three updated one-bedroom, one-bath units on the lower level and a three-bedroom, one-bath residence upstairs. The upper unit features a bright living room, formal dining room, and in-unit laundry, while the lower units offer storage and access to a shared coin-operated laundry area. Seller-owned appliances and laundry equipment convey with the property, along with a backup generator and maintenance materials.
The building sits on 0.2911 acres and provides five off-street parking spaces, two storage sheds, and a block-and-brick exterior with metal roofing. Improvements include electrical work, plumbing components and drains, furnaces, water tanks, a boiler, laundry equipment, and appliances. A long-time property manager and maintenance professional may be available to continue assisting with operations.
The building sits on 0.2911 acres and provides five off-street parking spaces, two storage sheds, and a block-and-brick exterior with metal roofing. Improvements include electrical work, plumbing components and drains, furnaces, water tanks, a boiler, laundry equipment, and appliances. A long-time property manager and maintenance professional may be available to continue assisting with operations.
Key Highlights
- Four‑unit configuration with three 1‑bedroom units and one 3‑bedroom unit
- 2,683 square feet on a 0.2911‑acre lot
- Five off‑street parking spaces and two storage sheds
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
$17,251
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
6.90%
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%
$345,020
$345.0K
Cap Rate 7%
$246,443
$246.4K
Cap Rate 9%
$191,678
$191.7K
Market Conditions
NOI Build-Up for 2,683 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
$37.0K $13.80/SF
− Vacancy
−$12.4K −$4.61/SF
EGI
$24.6K $9.19/SF
− OpEx
−$7.4K −$2.76/SF
NOI
$17.3K $6.43/SF
Area
Erie County, NY
Vacancy
33.44%
Lease Rate
$13.80 /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%
$345,020
Cap Rate 7%
$246,443
Cap Rate 9%
$191,678
Alternative Uses
Best Use
Multifamily LT 5
$246.4K
$215.6K – $287.5K
NOI $17,251 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$221.3K
$193.6K – $258.2K
NOI $15,491 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$586.5K
$513.2K – $684.3K
NOI $41,056 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 14111, NY
3,198
Population
1,390
Households
2.3
Avg Household Size
45
Median Age
22%
College-Educated
93%
High-School Grad
35.6 sq mi
ZIP Area
90
Density / Sq Mi
$79,474
Median Household Income
$52,808
Median Earnings
$903
Median Rent
$177,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with varied layouts, on-site laundry, storage, and off-street parking in North Collins.
Where is this quadplex located?
The property is located at 2097 Sherman Avenue North Collins, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Four‑unit configuration with three 1‑bedroom units and one 3‑bedroom unit; 2,683 square feet on a 0.2911‑acre lot; Five off‑street parking spaces and two storage sheds
