Two-Family Residential Income
For Sale
$325,000
Pending
2535 River Rd, Wheatfield, NY 14304
Two units with river views, separate utilities, and private driveways, offering flexibility for owner-occupants or investors.
Property Size2,244 SF
Days on Market50
Property Features for 2535 River Rd
General Information
Standard status
Pending
Size
2,244 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,820
Building Details
Building Size
2,244 SF
Year Built
1910
Stories
2
Units
2
Listing Agency:
Prestige Family Realty
(716) 425-4502
Listed By:
Julia Partsch · License #10301220911
(716) 425-4502
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 8 at 10:26AM
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 Prestige Family Realty
Investment Insights
Based on property information with market context.
This one-of-a-kind two-family property features river views from both units and a layout designed for comfortable everyday living. The lower unit offers three bedrooms, two full baths, first-floor laundry, an enclosed porch, and a spacious living room with a gas fireplace and water views. The kitchen is large and functional with ample cabinetry and storage, and it includes stainless steel appliances. Central air conditioning serves the first-floor unit, which also benefits from a whole-house generator, with convenient access to the full basement. The upper unit provides three bedrooms with in-unit laundry, a large living room, and a spacious eat-in kitchen. Central air is also included here, along with a vinyl deck overlooking the river.
The property is located at 2535 River Rd in Wheatfield, NY, just moments from Gratwick Park. Additional site features include two private driveways, a two-car detached garage, and a spacious lot.
With separate utilities and independent parking access, the home supports a variety of residential strategies, whether you plan to live in one unit and rent the other or operate it as a two-family investment. An open house is scheduled for Saturday, June 20, from 1:00 PM to 3:00 PM, and showings begin immediately.
The property is located at 2535 River Rd in Wheatfield, NY, just moments from Gratwick Park. Additional site features include two private driveways, a two-car detached garage, and a spacious lot.
With separate utilities and independent parking access, the home supports a variety of residential strategies, whether you plan to live in one unit and rent the other or operate it as a two-family investment. An open house is scheduled for Saturday, June 20, from 1:00 PM to 3:00 PM, and showings begin immediately.
Key Highlights
- Two‑family property built in 1910 with river views from both units
- Each unit has separate utilities plus two private driveways
- Lower unit: 3 bedrooms, 2 full baths, first‑floor laundry, gas fireplace, central air, enclosed porch, stainless steel appliances
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
$19,708
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
6.06%
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%
$394,160
$394.2K
Cap Rate 7%
$281,543
$281.5K
Cap Rate 9%
$218,978
$219.0K
Market Conditions
NOI Build-Up for 2,244 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
$30.2K $13.44/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$28.2K $12.55/SF
− OpEx
−$8.4K −$3.76/SF
NOI
$19.7K $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%
$394,160
Cap Rate 7%
$281,543
Cap Rate 9%
$218,978
Alternative Uses
Best Use
Multifamily LT 5
$281.5K
$246.4K – $328.5K
NOI $19,708 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$249.9K
$218.7K – $291.6K
NOI $17,493 @ 7.0% cap · market cap 5.38%
Theoretical Best
Warehouse
$1.91M
$1.67M – $2.22M
NOI $133,470 @ 7.0% cap · market cap 41.07%
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
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 14304, NY
28,923
Population
13,705
Households
2.1
Avg Household Size
45
Median Age
25%
College-Educated
92%
High-School Grad
21.5 sq mi
ZIP Area
1,345
Density / Sq Mi
$64,756
Median Household Income
$42,613
Median Earnings
$901
Median Rent
$151,500
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?
Duplex - Two units with river views, separate utilities, and private driveways, offering flexibility for owner-occupants or investors.
Where is this duplex located?
The property is located at 2535 River Rd Wheatfield, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑family property built in 1910 with river views from both units; Each unit has separate utilities plus two private driveways; Lower unit: 3 bedrooms, 2 full baths, first‑floor laundry, gas fireplace, central air, enclosed porch, stainless steel appliances
