Brick Four-Unit
For Sale
$429,000
Pending
2727 Alder Creek Drive S, North Tonawanda, NY 14120
Residential, North Tonawanda, NY
Property Size3,744 SF
Lot Size0.33 Acres
Days on Market50
Property Features for 2727 Alder Creek Drive S
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 5, Bedroom 7, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2
Patio and Porch features
Patio
Interior features
CeilingFans
Exterior features
Patio
Appliances
GasWaterHeater
Subdivision
Alder Crk Apts
Lot features
Rectangular, Rectangular Lot, Residential Lot
Middle school
Edward Town Middle
High school
Niagara-Wheatfield Senior High
Elementary school district
Niagara Wheatfield
Middle school district
Niagara Wheatfield
High school district
Niagara Wheatfield
Directions
Niagara Falls Blvd to Witmer Rd to Alder Creek N to Alder Creek S
Standard status
Pending
APN
294000-162-002-0001-078-000
Size
3,744 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Annual Amount
9178
Utilities
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
laundry facilities
air conditioning
storage
storage sheds
off-street parking
Building Details
Year built
1990
Floors in Building
2
Number of units
4
Flooring type
Carpet, Varies, Vinyl
Building materials
Brick, CopperPlumbing
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Janelle R Rohring · License #10401317049
(716) 940-9980
Added: Jul 23
Changed: Sep 5
Last Checked: Sep 10 at 11:06PM
MLS# B1701082
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 3,744-square-foot quadplex, built in 1990, contains four residential units: three two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. The all-brick building includes air conditioning in each unit, common laundry facilities, tenant storage, and a patio. Vinyl and carpet flooring, baseboard heating, electric heat, a gas water heater, copper plumbing, and a shingle asphalt roof are among the property features.
The 0.33-acre parcel at 2727 Alder Creek Drive S. in North Tonawanda includes ample off-street parking, two storage sheds, and an expansive rear yard. Two units are occupied by long-term tenants, while two are vacant. The rear yard may accommodate a garage, subject to buyer verification of required approvals. A complete tear-off roof was completed in June 2026.
The 0.33-acre parcel at 2727 Alder Creek Drive S. in North Tonawanda includes ample off-street parking, two storage sheds, and an expansive rear yard. Two units are occupied by long-term tenants, while two are vacant. The rear yard may accommodate a garage, subject to buyer verification of required approvals. A complete tear-off roof was completed in June 2026.
Key Highlights
- Four‑unit layout with three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 3,744 square feet on a 0.33‑acre parcel
- All‑brick construction, built in 1990
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
$32,881
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
7.66%
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%
$657,620
$657.6K
Cap Rate 7%
$469,729
$469.7K
Cap Rate 9%
$365,344
$365.3K
Market Conditions
NOI Build-Up for 3,744 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
$50.3K $13.44/SF
− Vacancy
−$3.3K −$0.89/SF
EGI
$47.0K $12.55/SF
− OpEx
−$14.1K −$3.76/SF
NOI
$32.9K $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%
$657,620
Cap Rate 7%
$469,729
Cap Rate 9%
$365,344
Alternative Uses
Best Use
Multifamily LT 5
$469.7K
$411.0K – $548.0K
NOI $32,881 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$416.9K
$364.8K – $486.4K
NOI $29,185 @ 7.0% cap · market cap 6.80%
Theoretical Best
Warehouse
$3.18M
$2.78M – $3.71M
NOI $222,688 @ 7.0% cap · market cap 51.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
124
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - All-brick construction includes shared laundry and air conditioning in every unit.
Where is this quadplex located?
The property is located at 2727 Alder Creek Drive S North Tonawanda, NY.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Four‑unit layout with three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 3,744 square feet on a 0.33‑acre parcel; All‑brick construction, built in 1990
