Renovated Multifamily
New
For Sale
$224,900
2761 S Park Avenue, Lackawanna, NY 14218
Updated residence with included appliances, nearby public transportation, and walkable access to downtown services.
Property Size2,066 SF
Price / SF$108.86
Days on Market4
Property Features for 2761 S Park Avenue
General Information
Standard status
Active
Size
2,066 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Building Details
Year Built
1900
Listing Agency:
Howard Hanna WNY Inc.
(716) 263-2655
Listed By:
Akm Husen · License #HUSENAKM
Source:
716realtygroup
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 1:28PM
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.
This multifamily residence offers 2,066 square feet of space and was built in 1900. Recent improvements include a newer roof, replacement windows, updated flooring, LED lighting, refreshed front-porch tile, new carpet in the upper unit, and fresh interior paint extending into the basement. Appliances are included with the sale.
The property is located across from OLV School in Lackawanna, with public transportation nearby and downtown amenities within walking distance. City hall, the police station, post office, and a gas station are among the nearby services. The Erie County Botanical Garden is also approximately a five-minute walk away.
The property is located across from OLV School in Lackawanna, with public transportation nearby and downtown amenities within walking distance. City hall, the police station, post office, and a gas station are among the nearby services. The Erie County Botanical Garden is also approximately a five-minute walk away.
Key Highlights
- 2,066 SF multifamily residence built in 1900
- Recent roof, window, flooring, lighting, tile, carpet, and paint updates
- Appliances included with the sale
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
$18,882
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
8.40%
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%
$377,640
$377.6K
Cap Rate 7%
$269,743
$269.7K
Cap Rate 9%
$209,800
$209.8K
Market Conditions
NOI Build-Up for 2,066 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
$35.9K $17.40/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$34.3K $16.62/SF
− OpEx
−$15.4K −$7.48/SF
NOI
$18.9K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /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%
$377,640
Cap Rate 7%
$269,743
Cap Rate 9%
$209,800
Alternative Uses
Best Use
Apartment 5plus
$269.7K
$236.0K – $314.7K
NOI $18,882 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$496.8K
$434.7K – $579.6K
NOI $34,778 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
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?
Multifamily property - Updated residence with included appliances, nearby public transportation, and walkable access to downtown services.
Where is this multifamily property located?
The property is located at 2761 S Park Avenue Lackawanna, NY.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 2,066 SF multifamily residence built in 1900; Recent roof, window, flooring, lighting, tile, carpet, and paint updates; Appliances included with the sale
