Building Details

Building Size 1,808 SF

Year Built 1993

Construction ranch-style

Listing Agency: HUNT Real Estate ERA

Listed By: Kathleen M DiMillo · License #40DI1122430 Show Phone

Source: Highfallssir

Added: Sep 21 Changed: Sep 23 Last Checked: Sep 24 at 6:31PM

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Investment Insights

Based on property information with market context.

Built in 1993, this ranch-style duplex on 1.9 acres offers two side-by-side residences with separate basements and laundry hookups. One unit includes 2 bedrooms, a first-floor laundry area, living room, custom eat-in kitchen, front porch, and private patio. The second provides 3 bedrooms, an eat-in kitchen, living room, and its own patio. Central air was installed in 2019, while the house roof dates to 2015 and the furnaces and hot water tanks were installed in 2018.

A 33x48 insulated and heated garage includes a hot/cold spigot and is complemented by a 14x14 shed with a wood floor. The property also includes a 36x40, two-story dairy barn with loft and metal roof, plenty of parking, and an RV hookup. Located at 2392 Checkered Tavern Road in Hartland, NY.

Key Highlights

• 1.9‑acre duplex property with side‑by‑side two‑family layout
• Owner's side has 2 bedrooms; tenant side has 3 bedrooms
• 33x48 insulated and heated garage with hot/cold spigot

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

$15,879

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

4.54%

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%

$317,580 $317.6K

Cap Rate 7%

$226,843 $226.8K

Cap Rate 9%

$176,433 $176.4K

Market Conditions

NOI Build-Up for 1,808 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

$24.3K $13.44/SF

− Vacancy

−$1.6K −$0.89/SF

EGI

$22.7K $12.55/SF

− OpEx

−$6.8K −$3.76/SF

NOI

$15.9K $8.78/SF

Area

Niagara County, NY

Vacancy

6.65%

Lease Rate

$13.44 /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%

$317,580

Cap Rate 7%

$226,843

Cap Rate 9%

$176,433

Alternative Uses

Best Use

Multifamily LT 5

$226.8K

$198.5K – $264.7K (±1% cap)

NOI $15,879 @ 7.0% cap · market cap 4.54%

Second Best

Apartment 5plus

$201.3K

$176.2K – $234.9K (±1% cap)

NOI $14,094 @ 7.0% cap · market cap 4.03%

Theoretical Best

Warehouse

$1.54M

$1.34M – $1.79M (±1% cap)

NOI $107,538 @ 7.0% cap · market cap 30.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Auto Repair Shop HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Explore this area Business Placement

Demographics for 14008, NY

1,306

Population

658

Households

2

Avg Household Size

47

Median Age

22%

College-Educated

82%

High-School Grad

24.8 sq mi

ZIP Area

53

Density / Sq Mi

$68,452

Median Household Income

$33,393

Median Earnings

$559

Median Rent

$190,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Ranch-style duplex with separate basements, private patios, and a large insulated, heated garage.

Where is this duplex located?

The property is located at 2392 Checkered Tavern Road Appleton, NY.

What is the asking price?

The asking price for this property is $349,900.

What are key features of this property?

This property features: 1.9‑acre duplex property with side‑by‑side two‑family layout; Owner's side has 2 bedrooms; tenant side has 3 bedrooms; 33x48 insulated and heated garage with hot/cold spigot