Duplex with Two-Car
For Sale
$349,000
Pending
3 Greenwood Circle, Tonawanda, NY 14120
Residential, Tonawanda, NY
Property Size2,256 SF
Lot Size0.17 Acres
Days on Market92
Property Features for 3 Greenwood Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 2, Bedroom 4, Bedroom 1
Appliances
GasWaterHeater
Subdivision
Greenwood Circle
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
North Tonawanda
Middle school district
North Tonawanda
High school district
North Tonawanda
Standard status
Pending
APN
291200-176-017-0003-053-002
Size
2,256 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
7574
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
laundry facilities
central air conditioning
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Flooring type
Varies, Carpet, Vinyl
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 875-2211
Listed By:
Annmarie Mermigas · License #10401275280
(716) 866-2568
Added: Jun 10
Changed: Sep 2
Last Checked: Sep 9 at 1:06PM
MLS# B1688697
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 duplex at 3 Greenwood Circle in Tonawanda contains 2,256 square feet across two residential units. Each unit provides two bedrooms, one full bathroom, an open living and dining arrangement, and a kitchen. Separate utilities and central air conditioning serve both units. The property was built in 2002 with vinyl siding and a combination of vinyl and carpet flooring.
A full shared basement adds laundry facilities and storage, while the two-car garage provides enclosed parking. Gas forced-air heat and public water are in place, and the sale includes the existing appliances. The property occupies 0.17 acres in Niagara County, with a layout suited to duplex ownership and rental use.
A full shared basement adds laundry facilities and storage, while the two-car garage provides enclosed parking. Gas forced-air heat and public water are in place, and the sale includes the existing appliances. The property occupies 0.17 acres in Niagara County, with a layout suited to duplex ownership and rental use.
Key Highlights
- 2,256 SF duplex built in 2002
- Two units, each with 2 bedrooms and 1 full bathroom
- Separate utilities and central air conditioning in both units
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
$14,505
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
4.16%
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%
$290,100
$290.1K
Cap Rate 7%
$207,214
$207.2K
Cap Rate 9%
$161,167
$161.2K
Market Conditions
NOI Build-Up for 2,256 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
$31.1K $13.80/SF
− Vacancy
−$10.4K −$4.61/SF
EGI
$20.7K $9.19/SF
− OpEx
−$6.2K −$2.76/SF
NOI
$14.5K $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%
$290,100
Cap Rate 7%
$207,214
Cap Rate 9%
$161,167
Alternative Uses
Best Use
Multifamily LT 5
$207.2K
$181.3K – $241.8K
NOI $14,505 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$186.1K
$162.8K – $217.1K
NOI $13,025 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$493.2K
$431.5K – $575.4K
NOI $34,522 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
348
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
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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 two-bedroom units include separate utilities, central air, and shared laundry and storage areas.
Where is this duplex located?
The property is located at 3 Greenwood Circle Tonawanda, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,256 SF duplex built in 2002; Two units, each with 2 bedrooms and 1 full bathroom; Separate utilities and central air conditioning in both units
