Brick Multifamily
New
For Sale
$124,900
2217 Falls St, Niagara Falls, NY 14303
Full-brick multifamily property with a basement, separate unit utilities, parking, and recent flooring and hot water updates.
Property Size1,360 SF
Days on Market5
Property Features for 2217 Falls St
General Information
Standard status
Active
Size
1,360 SF
Property subtype
Multi Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,617
Building Details
Building Size
1,360 SF
Year Built
1920
Stories
2
Units
2
Construction
full brick
Listing Agency:
WNY METRO ROBERTS REALTY
(716) 750-6319
Listed By:
Suhel Ahmed · License #10401361723
(716) 750-6319
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 22 at 10:54AM
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 WNY METRO ROBERTS REALTY
Investment Insights
Based on property information with market context.
Built in 1920, this full-brick multifamily property at 2217 Falls St in Niagara Falls includes a full basement, separate utilities serving the units, and on-site parking. Recent improvements include new flooring and a replacement hot water tank.
The property is configured for multiple tenants or extended-family living, with the flexibility to support an owner occupant. Walk Score is 66, BikeScore is 54, and TransitScore is 29.
The property is configured for multiple tenants or extended-family living, with the flexibility to support an owner occupant. Walk Score is 66, BikeScore is 54, and TransitScore is 29.
Key Highlights
- Full‑brick multifamily property built in 1920
- Full basement included
- Separate utilities for the units
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
$10,602
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
8.49%
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%
$212,040
$212.0K
Cap Rate 7%
$151,457
$151.5K
Cap Rate 9%
$117,800
$117.8K
Market Conditions
NOI Build-Up for 1,360 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
$20.7K $15.24/SF
− Vacancy
−$1.5K −$1.07/SF
EGI
$19.3K $14.17/SF
− OpEx
−$8.7K −$6.38/SF
NOI
$10.6K $7.80/SF
Area
Niagara County, NY
Vacancy
7.00%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
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%
$212,040
Cap Rate 7%
$151,457
Cap Rate 9%
$117,800
Alternative Uses
Best Use
Apartment 5plus
$151.5K
$132.5K – $176.7K
NOI $10,602 @ 7.0% cap · market cap 8.49%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.16M
$1.01M – $1.35M
NOI $80,891 @ 7.0% cap · market cap 64.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 14303, NY
5,958
Population
3,505
Households
1.7
Avg Household Size
38
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
2,207
Density / Sq Mi
$45,519
Median Household Income
$34,623
Median Earnings
$845
Median Rent
$78,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Full-brick multifamily property with a basement, separate unit utilities, parking, and recent flooring and hot water updates.
Where is this multifamily property located?
The property is located at 2217 Falls St Niagara Falls, NY.
What is the asking price?
The asking price for this property is $124,900.
What are key features of this property?
This property features: Full‑brick multifamily property built in 1920; Full basement included; Separate utilities for the units
