Multifamily Property Across From
For Sale
$199,000
Pending
279 Niagara St, Tonawanda, NY 14150
Two-unit multifamily property with a double lot and three-car garage.
Property Size1,816 SF
Days on Market105
Property Features for 279 Niagara St
General Information
Standard status
Pending
Size
1,816 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,815
Building Details
Building Size
1,816 SF
Year Built
1920
Stories
2
Units
2
Listing Agency:
(716) 472-3001
Listed By:
Lisa M Hirsch
(716) 472-3001
Source:
Elliman
Added: May 17
Changed: Aug 26
Last Checked: Aug 29 at 2:01PM
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 Lisa M Hirsch
Investment Insights
Based on property information with market context.
This multifamily property is located across from Niawanda Park. It features two units: a lower unit with 2 bedrooms and 1 bathroom, and an updated upper unit with 1 bedroom and 1 bathroom. Mechanical updates include two furnaces and electrical boxes, both updated in 2024. The property includes a double lot and a three-car garage. The bike score is 77, indicating it is very bikeable, and the walk score is 76, indicating it is very walkable.
Key Highlights
- Prime location directly across from Niawanda Park.
- Multi‑family property featuring a 2‑bedroom/1‑bath unit and an updated 1‑bedroom/1‑bath unit.
- Recent mechanical updates including 2 furnaces and electrical boxes (2024).
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
$11,676
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
5.87%
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%
$233,520
$233.5K
Cap Rate 7%
$166,800
$166.8K
Cap Rate 9%
$129,733
$129.7K
Market Conditions
NOI Build-Up for 1,816 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
$25.1K $13.80/SF
− Vacancy
−$8.4K −$4.61/SF
EGI
$16.7K $9.19/SF
− OpEx
−$5.0K −$2.76/SF
NOI
$11.7K $6.43/SF
Area
Erie County, NY
Vacancy
33.44%
Lease Rate
$13.80 /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%
$233,520
Cap Rate 7%
$166,800
Cap Rate 9%
$129,733
Alternative Uses
Best Use
Multifamily LT 5
$166.8K
$146.0K – $194.6K
NOI $11,676 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$149.8K
$131.1K – $174.8K
NOI $10,485 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$397.0K
$347.4K – $463.2K
NOI $27,789 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 14150, NY
41,161
Population
20,152
Households
2
Avg Household Size
43
Median Age
32%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
2,762
Density / Sq Mi
$70,294
Median Household Income
$46,867
Median Earnings
$1,094
Median Rent
$181,900
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 multifamily property with a double lot and three-car garage.
Where is this duplex located?
The property is located at 279 Niagara St Tonawanda, NY.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Prime location directly across from Niawanda Park.; Multi‑family property featuring a 2‑bedroom/1‑bath unit and an updated 1‑bedroom/1‑bath unit.; Recent mechanical updates including 2 furnaces and electrical boxes (2024).
