Renovated Duplex with Off-Street
New
For Sale
$339,900
227 Mill St, Springville, NY 14141
Two kitchens and flexible living areas support separate household configurations.
Property Size3,022 SF
Price / SF$112.48
Days on Market3
Property Features for 227 Mill St
General Information
Standard status
Active
Size
3,022 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty Lancaster
(716) 949-5189
Listed By:
Ryan Daley · License #10301215815
Source:
Skinnercnyrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 7:50PM
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 Keller Williams Realty Lancaster
Investment Insights
Based on property information with market context.
Located at 227 Mill St in Springville, this 3,022-square-foot duplex combines a four-bedroom, 2.5-bath main residence with a separate second-floor apartment containing two bedrooms and one full bathroom. The primary level includes living and family rooms, main-level laundry, an eat-in kitchen with quartz counters, stainless steel appliances, cabinetry, and a center island, plus a separate dining area. The upper apartment has its own kitchen, living room, dining area, and new stainless steel appliances.
Renovations include an architectural roof, vinyl siding, windows, flooring, insulation, drywall, paint, and hot water tanks. The property also provides two driveways, off-street parking, a large storage shed, and a wooded lot. Built in 1900, the home presents updated interior and exterior components within a two-level residential income configuration.
Renovations include an architectural roof, vinyl siding, windows, flooring, insulation, drywall, paint, and hot water tanks. The property also provides two driveways, off-street parking, a large storage shed, and a wooded lot. Built in 1900, the home presents updated interior and exterior components within a two-level residential income configuration.
Key Highlights
- 3,022 SF duplex with a four‑bedroom main residence and separate two‑bedroom apartment
- Main level includes 2.5 bathrooms, living and family rooms, and laundry
- Second‑floor apartment has its own kitchen, living room, dining area, and full bathroom
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
$19,431
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
5.72%
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%
$388,620
$388.6K
Cap Rate 7%
$277,586
$277.6K
Cap Rate 9%
$215,900
$215.9K
Market Conditions
NOI Build-Up for 3,022 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
$41.7K $13.80/SF
− Vacancy
−$13.9K −$4.61/SF
EGI
$27.8K $9.19/SF
− OpEx
−$8.3K −$2.76/SF
NOI
$19.4K $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%
$388,620
Cap Rate 7%
$277,586
Cap Rate 9%
$215,900
Alternative Uses
Best Use
Multifamily LT 5
$277.6K
$242.9K – $323.9K
NOI $19,431 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$249.3K
$218.1K – $290.8K
NOI $17,448 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$660.6K
$578.1K – $770.7K
NOI $46,244 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 14141, NY
7,585
Population
3,675
Households
2.1
Avg Household Size
45
Median Age
28%
College-Educated
93%
High-School Grad
72.3 sq mi
ZIP Area
105
Density / Sq Mi
$71,837
Median Household Income
$48,453
Median Earnings
$738
Median Rent
$195,800
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 kitchens and flexible living areas support separate household configurations.
Where is this duplex located?
The property is located at 227 Mill St Springville, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 3,022 SF duplex with a four‑bedroom main residence and separate two‑bedroom apartment; Main level includes 2.5 bathrooms, living and family rooms, and laundry; Second‑floor apartment has its own kitchen, living room, dining area, and full bathroom
