Two-Unit Duplex with Two-Bay
For Sale
$154,900
283 South Street, Lockport, NY 14094
Separate utilities and distinct heating systems serve the two apartments, with laundry hookups in the basement.
Property Size1,708 SF
Days on Market9
Property Features for 283 South Street
General Information
Standard status
Active
Size
1,708 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,475
Building Details
Building Size
1,708 SF
Year Built
1860
Buildings
1
Listing Agency:
HUNT Real Estate ERA
Listed By:
Kathleen M DiMillo · License #40DI1122430
(716) 622-0530
Source:
Highfallssir
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 27 at 12:41AM
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 HUNT Real Estate ERA
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Investment Insights
Based on property information with market context.
This two-unit duplex contains apartments with separate entrances and private porches. The upper apartment has one large bedroom, a bonus room, an eat-in kitchen, and access to the basement; it is vacant. The lower apartment includes two large bedrooms, a dining room, a living room, and a kitchen. Appliances convey in both units. The property was built in 1860.
Each apartment has its own utility setup, and heating differs by unit: a furnace serves the upper apartment while the lower apartment uses a boiler. Washer and dryer hookups are located in the basement. A two-bay garage is included and is not accessible to tenants.
Each apartment has its own utility setup, and heating differs by unit: a furnace serves the upper apartment while the lower apartment uses a boiler. Washer and dryer hookups are located in the basement. A two-bay garage is included and is not accessible to tenants.
Key Highlights
- Two‑unit duplex with the upper apartment vacant
- Upper apartment has one large bedroom, a bonus room, and an eat‑in kitchen
- Lower apartment offers two large bedrooms, a living room, and a dining room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,314
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$266,280
$266.3K
Cap Rate 7%
$190,200
$190.2K
Cap Rate 9%
$147,933
$147.9K
Market Conditions
NOI Build-Up for 1,708 SF
Gross rent
$26.0K $15.24/SF
− Vacancy
−$1.8K −$1.07/SF
EGI
$24.2K $14.17/SF
− OpEx
−$10.9K −$6.38/SF
NOI
$13.3K $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 Rate 5%
$266,280
Cap Rate 7%
$190,200
Cap Rate 9%
$147,933
Alternative Uses
Best Use
Multifamily LT 5
$214.3K
$187.5K – $250.0K
NOI $15,000 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$190.2K
$166.4K – $221.9K
NOI $13,314 @ 7.0% cap · market cap 8.60%
Theoretical Best
Warehouse
$1.45M
$1.27M – $1.69M
NOI $101,590 @ 7.0% cap · market cap 65.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
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Business Placement
Demographics for 14094, NY
50,969
Population
23,283
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
121.7 sq mi
ZIP Area
419
Density / Sq Mi
$73,354
Median Household Income
$45,056
Median Earnings
$869
Median Rent
$186,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities and distinct heating systems serve the two apartments, with laundry hookups in the basement.
Where is this duplex located?
The property is located at 283 South Street Lockport, NY.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Two‑unit duplex with the upper apartment vacant; Upper apartment has one large bedroom, a bonus room, and an eat‑in kitchen; Lower apartment offers two large bedrooms, a living room, and a dining room
