Renovated Duplex with Separate
New
For Sale
$339,900
227 Mill Street, Springville, NY 14141
MULTI_FAMILY - Other - Springville, NY
Property Size3,022 SF
Lot Size0.54 Acres
Price / SF$112.48
Days on Market7
Property Features for 227 Mill Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Basement, Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2
Patio and Porch features
Porch
Interior features
CeilingFans, SlidingGlassDoors, ProgrammableThermostat
Exterior features
PrivateYard
Appliances
ElectricWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot, Wooded
Elementary school
Springville Elementary
Middle school
Griffith Institute Middle
High school
Griffith Institute High
Elementary school district
Springville-Griffith Institute
Middle school district
Springville-Griffith Institute
High school district
Springville-Griffith Institute
Directions
From Main Street (Route 39) in the Village of Springville, Turn on South Buffalo Street, Right on Mill. Home is the right (nearest cross street is White Street)
Subdivision
Springville-Village-143801
Standard status
Active
APN
143801-335-190-0004-020-000
Size
3,022 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Annual Amount
3982
Utilities
Heating system
Electric (Heating), Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
BlownInInsulation, VinylSiding, PexPlumbing
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty Lancaster
(716) 324-2300
Listed By:
Ryan Daley · License #10301215815
(716) 949-5189
Added: Aug 14
Last Checked: Aug 20 at 2:06AM
MLS# B1707089
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 3,022-square-foot duplex combines a renovated main residence with a separate second-floor apartment. The lower level includes four bedrooms, 2.5 bathrooms, living and family rooms, main-level laundry, and an eat-in kitchen with new cabinetry, quartz countertops, stainless steel appliances, and a center island. The upper apartment has two bedrooms, a kitchen, living room, dining area, full bathroom, and new stainless steel appliances.
Renovations include the roof, vinyl siding, windows, flooring, insulation, drywall, paint, hot water tanks, and plumbing improvements. Interior features include cathedral ceilings, sliding glass doors, vinyl flooring, and a programmable thermostat. The property occupies a wooded 0.54-acre lot with two driveways, off-street parking, a large shed, a porch, and a private yard. Public water serves the property, with electric and natural gas heating listed.
Renovations include the roof, vinyl siding, windows, flooring, insulation, drywall, paint, hot water tanks, and plumbing improvements. Interior features include cathedral ceilings, sliding glass doors, vinyl flooring, and a programmable thermostat. The property occupies a wooded 0.54-acre lot with two driveways, off-street parking, a large shed, a porch, and a private yard. Public water serves the property, with electric and natural gas heating listed.
Key Highlights
- 3,022 SF duplex with a renovated main residence and separate second‑floor apartment
- Lower level offers 4 bedrooms, 2.5 bathrooms, living room, family room, and main‑level laundry
- Second‑floor apartment includes 2 bedrooms, 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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
379
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 distinct living areas include updated kitchens, private common spaces, and off-street parking on a wooded residential parcel.
Where is this duplex located?
The property is located at 227 Mill Street 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 renovated main residence and separate second‑floor apartment; Lower level offers 4 bedrooms, 2.5 bathrooms, living room, family room, and main‑level laundry; Second‑floor apartment includes 2 bedrooms, kitchen, living room, dining area, and full bathroom
