Updated Duplex with Two-Car
For Sale
$130,000
2621 Welch Avenue, Niagara Falls, NY 14303
The property has two separate electric meters and a full dry basement.
Property Size1,386 SF
Days on Market149
Property Features for 2621 Welch Avenue
General Information
Standard status
Active
Size
1,386 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$19,800
Taxes and HOA fees
Annual Taxes
$1,841
Building Details
Building Size
1,386 SF
Year Built
1945
Stories
2
Units
2
Listing Agency:
Howard Hanna WNY Inc.
(716) 228-0414
Listed By:
Nicole Leistner
(716) 228-0414
Source:
Homeprocny
Added: Mar 18
Changed: Aug 8
Last Checked: Aug 12 at 11:52AM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
Built in 1945, this duplex contains two residential units with a lower-level two-bedroom, one-bath layout and an upper-level one-bedroom, one-bath apartment. The property has undergone substantial updates, including copper plumbing, electrical improvements, and a hot water tank installed in 2021.
Additional improvements include a full walk-up attic and a full dry basement, providing useful storage areas. A two-car garage offers on-site parking. The separate electric meters support distinct utility service for each unit. The configuration can accommodate an owner occupant in one apartment while the other is rented, consistent with the existing two-unit arrangement in Niagara Falls.
Additional improvements include a full walk-up attic and a full dry basement, providing useful storage areas. A two-car garage offers on-site parking. The separate electric meters support distinct utility service for each unit. The configuration can accommodate an owner occupant in one apartment while the other is rented, consistent with the existing two-unit arrangement in Niagara Falls.
Key Highlights
- Duplex with a lower 2‑bedroom, 1‑bath unit and upper 1‑bedroom, 1‑bath unit
- Hot water tank installed in 2021
- Updated copper plumbing and electric with 2 separate meters
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
$10,804
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
8.31%
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%
$216,080
$216.1K
Cap Rate 7%
$154,343
$154.3K
Cap Rate 9%
$120,044
$120.0K
Market Conditions
NOI Build-Up for 1,386 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
$21.1K $15.24/SF
− Vacancy
−$1.5K −$1.07/SF
EGI
$19.6K $14.17/SF
− OpEx
−$8.8K −$6.38/SF
NOI
$10.8K $7.80/SF
Area
Niagara County, NY
Vacancy
7.00%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
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%
$216,080
Cap Rate 7%
$154,343
Cap Rate 9%
$120,044
Alternative Uses
Best Use
Multifamily LT 5
$173.9K
$152.2K – $202.9K
NOI $12,172 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$154.3K
$135.1K – $180.1K
NOI $10,804 @ 7.0% cap · market cap 8.31%
Theoretical Best
Warehouse
$1.18M
$1.03M – $1.37M
NOI $82,438 @ 7.0% cap · market cap 63.41%
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
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 14303, NY
5,958
Population
3,505
Households
1.7
Avg Household Size
38
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
2,207
Density / Sq Mi
$45,519
Median Household Income
$34,623
Median Earnings
$845
Median Rent
$78,200
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 - The property has two separate electric meters and a full dry basement.
Where is this duplex located?
The property is located at 2621 Welch Avenue Niagara Falls, NY.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Duplex with a lower 2‑bedroom, 1‑bath unit and upper 1‑bedroom, 1‑bath unit; Hot water tank installed in 2021; Updated copper plumbing and electric with 2 separate meters
