Brick Side-by-Side
New
For Sale
$248,000
22 W 3rd St, Cheektowaga, NY 14043
Two matching units feature modern windows, updated flooring, and central air conditioning.
Property Size1,960 SF
Days on Market3
Property Features for 22 W 3rd St
General Information
Standard status
Active
Size
1,960 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,194
Amenities
central AC
fenced yard
Building Details
Building Size
1,960 SF
Year Built
1965
Stories
2
Units
2
Construction
brick
Listing Agency:
(716) 512-3702
Listed By:
Scott T Carpenter
(716) 512-3702
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 3:45AM
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 Scott T Carpenter
Investment Insights
Based on property information with market context.
This all-brick duplex contains two side-by-side units, each configured with three bedrooms. Both residences feature modern windows, updated flooring, central air conditioning, and well-maintained mechanical systems. Dry basements add functional storage, while the overall layout supports straightforward property management.
The exterior includes a large mostly fenced yard and substantial off-street parking. A double-wide, deep concrete driveway provides space for multiple vehicles. The property is occupied by tenants and was built in 1965.
The exterior includes a large mostly fenced yard and substantial off-street parking. A double-wide, deep concrete driveway provides space for multiple vehicles. The property is occupied by tenants and was built in 1965.
Key Highlights
- All‑brick side‑by‑side duplex with two three‑bedroom units
- Modern windows and updated flooring in both units
- Central AC and well‑maintained mechanical systems
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
$12,602
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
5.08%
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%
$252,040
$252.0K
Cap Rate 7%
$180,029
$180.0K
Cap Rate 9%
$140,022
$140.0K
Market Conditions
NOI Build-Up for 1,960 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
$27.0K $13.80/SF
− Vacancy
−$9.0K −$4.61/SF
EGI
$18.0K $9.19/SF
− OpEx
−$5.4K −$2.76/SF
NOI
$12.6K $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%
$252,040
Cap Rate 7%
$180,029
Cap Rate 9%
$140,022
Alternative Uses
Best Use
Multifamily LT 5
$180.0K
$157.5K – $210.0K
NOI $12,602 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$161.7K
$141.5K – $188.6K
NOI $11,316 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$428.5K
$374.9K – $499.9K
NOI $29,993 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
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 - Two matching units feature modern windows, updated flooring, and central air conditioning.
Where is this duplex located?
The property is located at 22 W 3rd St Cheektowaga, NY.
What is the asking price?
The asking price for this property is $248,000.
What are key features of this property?
This property features: All‑brick side‑by‑side duplex with two three‑bedroom units; Modern windows and updated flooring in both units; Central AC and well‑maintained mechanical systems
