Four-Unit Residential Income
For Sale
$250,000
Pending
2388 William St, Cheektowaga, NY 14206
Fully rented four-unit building with tenant parking and coin laundry, roof tear-off completed in 2019.
Property Size2,553 SF
Days on Market66
Property Features for 2388 William St
General Information
Standard status
Pending
Size
2,553 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,602
Building Details
Building Size
2,553 SF
Year Built
1951
Year Renovated
2019
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Boulevard Real Estate WNY
(716) 310-1695
Listed By:
Kevin D Koszuta
(716) 310-1695
Source:
Elliman
Added: Jun 16
Changed: Aug 16
Last Checked: Aug 19 at 9:31AM
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 Boulevard Real Estate WNY
Investment Insights
Based on property information with market context.
This four-unit residential income property is currently fully rented. The building includes coin-operated laundry available for tenants, along with parking for tenant use. The roof underwent a total tear-off in 2019, providing a more recent major exterior component.
Located at 2388 William St in Cheektowaga, NY 14206, the property is described as somewhat bikeable and car-dependent, with limited transit accessibility based on reported walk, bike, and transit scores.
For buyers seeking a small, multi-unit investment, the existing tenant occupancy and on-site amenities for day-to-day convenience—coin laundry and tenant parking—are practical considerations. The 2019 roof tear-off is also a concrete maintenance point that can factor into property planning. Please note that all units are reported as currently rented, and prospective buyers should coordinate directly for confirmation of lease details and any operational or financial information.
Located at 2388 William St in Cheektowaga, NY 14206, the property is described as somewhat bikeable and car-dependent, with limited transit accessibility based on reported walk, bike, and transit scores.
For buyers seeking a small, multi-unit investment, the existing tenant occupancy and on-site amenities for day-to-day convenience—coin laundry and tenant parking—are practical considerations. The 2019 roof tear-off is also a concrete maintenance point that can factor into property planning. Please note that all units are reported as currently rented, and prospective buyers should coordinate directly for confirmation of lease details and any operational or financial information.
Key Highlights
- Four‑unit building (built 1951) with all units currently fully rented
- Coin laundry on‑site for tenants
- Tenant parking included
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
$16,415
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
6.57%
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%
$328,300
$328.3K
Cap Rate 7%
$234,500
$234.5K
Cap Rate 9%
$182,389
$182.4K
Market Conditions
NOI Build-Up for 2,553 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
$35.2K $13.80/SF
− Vacancy
−$11.8K −$4.61/SF
EGI
$23.5K $9.19/SF
− OpEx
−$7.0K −$2.76/SF
NOI
$16.4K $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%
$328,300
Cap Rate 7%
$234,500
Cap Rate 9%
$182,389
Alternative Uses
Best Use
Multifamily LT 5
$234.5K
$205.2K – $273.6K
NOI $16,415 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$210.6K
$184.3K – $245.7K
NOI $14,740 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$558.1K
$488.3K – $651.1K
NOI $39,067 @ 7.0% cap · market cap 15.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 14206, NY
21,706
Population
10,677
Households
2
Avg Household Size
38
Median Age
18%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
4,341
Density / Sq Mi
$46,842
Median Household Income
$38,379
Median Earnings
$886
Median Rent
$111,600
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?
Quadplex - Fully rented four-unit building with tenant parking and coin laundry, roof tear-off completed in 2019.
Where is this quadplex located?
The property is located at 2388 William St Cheektowaga, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Four‑unit building (built 1951) with all units currently fully rented; Coin laundry on‑site for tenants; Tenant parking included
