Duplex with Full
New
For Sale
$124,900
2217 Falls Street, Niagara Falls, NY 14303
Residential, Niagara Falls, NY
Property Size1,360 SF
Lot Size0.14 Acres
Price / SF$91.84
Days on Market6
Property Features for 2217 Falls Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Basement
Parking features
Garage
Appliances
GasWaterHeater
Subdivision
Niagara Home Land Co
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Niagara Falls
Middle school district
Niagara Falls
High school district
Niagara Falls
Standard status
Active
APN
291100-159-049-0002-003-000
Size
1,360 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
1617
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Varies, Hardwood, Tile
Building materials
AluminumSiding, Brick, Frame
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 891-1710
Listed By:
Suhel Ahmed · License #10401361723
(716) 750-6319
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 22 at 5:06AM
MLS# B1707607
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.
Located at 2217 Falls Street in Niagara Falls, this duplex contains 1,360 square feet with five bedrooms, two bathrooms, and a full basement. The property was built in 1920 and includes a garage, public water service, forced-air heating, and natural gas. Flooring varies among hardwood and tile, with additional flooring updates completed in recent years.
Separate utility systems serve the units, while the 0.1429-acre lot provides on-site parking area. A new hot water tank has also been installed, adding to the recent property improvements. The layout includes multiple bedrooms and basement space for residential income use or extended-family occupancy.
Separate utility systems serve the units, while the 0.1429-acre lot provides on-site parking area. A new hot water tank has also been installed, adding to the recent property improvements. The layout includes multiple bedrooms and basement space for residential income use or extended-family occupancy.
Key Highlights
- Duplex with 1,360 square feet, five bedrooms, and two bathrooms
- Full basement provides additional interior space
- Separate utilities for the individual 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
Multifamily LT 5
$170.6K
$149.3K – $199.1K
NOI $11,944 @ 7.0% cap · market cap 9.56%
Second Best
Apartment 5plus
$151.5K
$132.5K – $176.7K
NOI $10,602 @ 7.0% cap · market cap 8.49%
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
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?
Duplex - Recent flooring work, separate utilities, and garage parking support flexible residential income use.
Where is this duplex located?
The property is located at 2217 Falls Street 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: Duplex with 1,360 square feet, five bedrooms, and two bathrooms; Full basement provides additional interior space; Separate utilities for the individual units
