Four-Unit Property with Separate
New
For Sale
$299,900
24 Windwood, Cheektowaga, NY 14225
Residential, Cheektowaga, NY
Property Size3,300 SF
Lot Size0.18 Acres
Price / SF$90.88
Days on Market1
Property Features for 24 Windwood
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 8, Bathroom 4, Bathroom 3
Exterior features
FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Cleveland Hill
Middle school district
Cleveland Hill
High school district
Cleveland Hill
Subdivision
Cheektowaga-143089
Standard status
Active
APN
143089-091-090-0006-029-000
Size
3,300 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
5020
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
private laundry hookups
Building Details
Year built
1942
Floors in Building
2
Number of units
4
Building materials
VinylSiding, CopperPlumbing
Roof type
Metal
Architectural style
Other
Listing Agency:
MLS Nation Realty LLC
(888) 657-4968
Listed By:
Thomas J Mazzone · License #10491213404
(716) 310-3102
Added: Sep 8
Last Checked: Sep 8 at 5:06PM
MLS# B1712728
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 3,300-square-foot quadplex contains four side-by-side apartments with matching two-bedroom layouts, eight bedrooms overall, and private laundry hookups. Each unit has separate utilities, and all four apartments are occupied under month-to-month tenancies. The property also includes an additional one-car garage, a fully fenced lot, forced-air natural gas heat, and a public water connection.
Built in 1942, the property has received updates over time, including vinyl siding, windows, multiple furnaces and hot water tanks, doors, kitchens, sinks, and the main garage door in 2012. The current ownership has added a metal roof and gutters, while the garage roof was replaced several years ago. Bathrooms in Units 24A and 24B have also been updated. Located at 24 Windwood in Cheektowaga, the property is near the Thruway entrance and within the Cleveland Hill School District.
Built in 1942, the property has received updates over time, including vinyl siding, windows, multiple furnaces and hot water tanks, doors, kitchens, sinks, and the main garage door in 2012. The current ownership has added a metal roof and gutters, while the garage roof was replaced several years ago. Bathrooms in Units 24A and 24B have also been updated. Located at 24 Windwood in Cheektowaga, the property is near the Thruway entrance and within the Cleveland Hill School District.
Key Highlights
- Four apartments with two bedrooms per unit and 8 total bedrooms
- 3,300 square feet on a 0.18‑acre lot
- Separate utilities and private laundry hookups for every unit
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
$21,218
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
7.08%
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%
$424,360
$424.4K
Cap Rate 7%
$303,114
$303.1K
Cap Rate 9%
$235,756
$235.8K
Market Conditions
NOI Build-Up for 3,300 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
$45.5K $13.80/SF
− Vacancy
−$15.2K −$4.61/SF
EGI
$30.3K $9.19/SF
− OpEx
−$9.1K −$2.76/SF
NOI
$21.2K $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%
$424,360
Cap Rate 7%
$303,114
Cap Rate 9%
$235,756
Alternative Uses
Best Use
Multifamily LT 5
$303.1K
$265.2K – $353.6K
NOI $21,218 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$272.2K
$238.2K – $317.6K
NOI $19,053 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$721.4K
$631.2K – $841.6K
NOI $50,498 @ 7.0% cap · market cap 16.84%
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
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
Explore this area
Business Placement
Demographics for 14225, NY
34,066
Population
16,253
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,962
Density / Sq Mi
$65,562
Median Household Income
$44,408
Median Earnings
$937
Median Rent
$154,500
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 - Side-by-side apartments offer consistent layouts, private laundry hookups, and individual utility service for each residence.
Where is this quadplex located?
The property is located at 24 Windwood Cheektowaga, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Four apartments with two bedrooms per unit and 8 total bedrooms; 3,300 square feet on a 0.18‑acre lot; Separate utilities and private laundry hookups for every unit
