Updated Two-Family
For Sale
$210,000
251 Payne Ave, North Tonawanda, NY 14120
Two-unit property with separate utilities, resident parking, fenced outdoor space, and distinct heating and hot-water systems.
Property Size2,136 SF
Days on Market53
Property Features for 251 Payne Ave
General Information
Standard status
Active
Size
2,136 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,241
Building Details
Building Size
2,136 SF
Year Built
1910
Stories
2
Units
2
Listing Agency:
(716) 480-8463
Listed By:
Christine T Greiner
(716) 480-8463
Source:
Elliman
Added: Jul 8
Changed: Aug 29
Last Checked: Aug 29 at 2:52PM
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 Christine T Greiner
Investment Insights
Based on property information with market context.
Built in 1910, this duplex offers a two-bedroom lower residence and a spacious one-bedroom upper residence. The lower unit includes a dinette, in-unit laundry, high ceilings, central air, updated flooring, a three-season room, and access to a patio with an awning. The upper unit features a large living room, vintage kitchen, dining room, bedroom, and substantial closet storage. Appliances remain with the property in as-is condition.
Separate utilities, furnaces, and hot-water heaters serve the two residences. The basement provides glass-block windows, a workshop area, and a convenience bath. Exterior features include a fully fenced backyard, resident parking, a patio, and a shed constructed 4 years ago; the driveway was replaced 4 years ago.
The property is steps from North Tonawanda City Hall and the police station, with Pinewoods Park, Gateway Park, a farmers market, shopping, and restaurants within walking distance. Twin City Memorial Highway is 2 minutes away, providing a direct route to I-290. WalkScore is 88 and BikeScore is 78.
Separate utilities, furnaces, and hot-water heaters serve the two residences. The basement provides glass-block windows, a workshop area, and a convenience bath. Exterior features include a fully fenced backyard, resident parking, a patio, and a shed constructed 4 years ago; the driveway was replaced 4 years ago.
The property is steps from North Tonawanda City Hall and the police station, with Pinewoods Park, Gateway Park, a farmers market, shopping, and restaurants within walking distance. Twin City Memorial Highway is 2 minutes away, providing a direct route to I-290. WalkScore is 88 and BikeScore is 78.
Key Highlights
- Two‑bedroom lower unit and spacious one‑bedroom upper unit
- Separate utilities, furnaces, and hot‑water heaters
- Lower residence includes central air, in‑unit laundry, and a three‑season room
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
$18,759
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
8.93%
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%
$375,180
$375.2K
Cap Rate 7%
$267,986
$268.0K
Cap Rate 9%
$208,433
$208.4K
Market Conditions
NOI Build-Up for 2,136 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
$28.7K $13.44/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$26.8K $12.55/SF
− OpEx
−$8.0K −$3.76/SF
NOI
$18.8K $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%
$375,180
Cap Rate 7%
$267,986
Cap Rate 9%
$208,433
Alternative Uses
Best Use
Multifamily LT 5
$268.0K
$234.5K – $312.7K
NOI $18,759 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$237.9K
$208.1K – $277.5K
NOI $16,651 @ 7.0% cap · market cap 7.93%
Theoretical Best
Warehouse
$1.81M
$1.59M – $2.12M
NOI $127,047 @ 7.0% cap · market cap 60.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Explore this area
Business Placement
Demographics for 14120, NY
44,538
Population
20,367
Households
2.2
Avg Household Size
45
Median Age
30%
College-Educated
94%
High-School Grad
32.6 sq mi
ZIP Area
1,366
Density / Sq Mi
$76,608
Median Household Income
$47,014
Median Earnings
$932
Median Rent
$205,300
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-unit property with separate utilities, resident parking, fenced outdoor space, and distinct heating and hot-water systems.
Where is this duplex located?
The property is located at 251 Payne Ave North Tonawanda, NY.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two‑bedroom lower unit and spacious one‑bedroom upper unit; Separate utilities, furnaces, and hot‑water heaters; Lower residence includes central air, in‑unit laundry, and a three‑season room
