Duplex Residence with In-Law
For Sale
$1,350,000
3248 Lockport Olcott Road, Newfane, NY 14108
MULTI_FAMILY - Newfane, NY
Property Size5,306 SF
Lot Size14.80 Acres
Price / SF$254.43
Days on Market432
Property Features for 3248 Lockport Olcott Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 5, Bathroom 2, Basement, Bathroom 1, Bedroom 1
Spa
1
Patio and Porch features
Patio
Interior features
AirFiltration, ProgrammableThermostat
Exterior features
Barbecue, HotTubSpa, Pool, Patio
Fireplace
1
Appliances
GasWaterHeater, Humidifier
Lot features
Irregular Lot, Secluded, Wooded
Elementary school district
Newfane
Middle school district
Newfane
High school district
Newfane
Directions
North on Transit Rd., right on Grand St., Left on Clinton St., Left on Lake Ave., Keep left on Rt. 78, house on left, set back
Subdivision
Newfane-292800
Standard status
Active
APN
292800-053-013-0001-050-001
Size
5,306 SF
Lot size
14.80 Acres
Taxes and HOA fees
Tax Annual Amount
18816
Utilities
Heating system
Zoned, Forced Air, Natural Gas
Cooling system
Zoned, Central Air
Water source
Public
Water front features
River Access, Stream
Amenities
inground pool
hot tub
outdoor kitchen
pergola dining area
pool house
basketball court
expansive patios
private gym
spa-inspired bathroom
walk-in closet
chef's kitchen
Building Details
Year built
1997
Floors in Building
1
Number of units
2
Flooring type
Varies, Hardwood, Tile
Building materials
Stone, Stucco, VinylSiding
Roof type
Asphalt
Listing Agency:
WNY Metro Roberts Realty
(716) 875-2211
Listed By:
Michelle Petrie · License #10401343898
(585) 749-8275
Added: Jun 10, 2025
Changed: Aug 4
Last Checked: Aug 15 at 4:06AM
MLS# B1613565
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-style residence includes a main home with 4 bedrooms and 3 bathrooms, highlighted by an oversized chef’s kitchen and a dining room suited for gatherings. A separate in-law suite adds 2 bedrooms, a full bath, and its own living area—designed to support flexible use while keeping loved ones nearby. The finished basement features a private gym, and the home includes interior amenities such as programmable thermostats, air filtration, forced-air natural gas heat, and zoned central air.
Outside, the property is set on 14.8 acres and described as a private sanctuary with mature trees and a peaceful creek. Waterfront features include a stream and river access. Outdoor living is built around an inground pool, hot tub, outdoor kitchen, pergola dining area, pool house, basketball court, and expansive patios.
Recent upgrades include brand new garage doors and new AC condensers. Built in 1997 with stone, stucco, and vinyl siding, the home is served by public water and has an asphalt roof.
Outside, the property is set on 14.8 acres and described as a private sanctuary with mature trees and a peaceful creek. Waterfront features include a stream and river access. Outdoor living is built around an inground pool, hot tub, outdoor kitchen, pergola dining area, pool house, basketball court, and expansive patios.
Recent upgrades include brand new garage doors and new AC condensers. Built in 1997 with stone, stucco, and vinyl siding, the home is served by public water and has an asphalt roof.
Key Highlights
- Separate in‑law suite with 2 bedrooms, a full bath, and its own living area
- Main residence with 4 bedrooms and 3 bathrooms plus an oversized chef’s kitchen
- 14.8‑acre private setting with a stream and river access
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
$46,599
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
3.45%
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%
$931,980
$932.0K
Cap Rate 7%
$665,700
$665.7K
Cap Rate 9%
$517,767
$517.8K
Market Conditions
NOI Build-Up for 5,306 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
$71.3K $13.44/SF
− Vacancy
−$4.7K −$0.89/SF
EGI
$66.6K $12.55/SF
− OpEx
−$20.0K −$3.76/SF
NOI
$46.6K $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%
$931,980
Cap Rate 7%
$665,700
Cap Rate 9%
$517,767
Alternative Uses
Best Use
Multifamily LT 5
$665.7K
$582.5K – $776.7K
NOI $46,599 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$590.9K
$517.0K – $689.4K
NOI $41,362 @ 7.0% cap · market cap 3.06%
Theoretical Best
Warehouse
$4.51M
$3.94M – $5.26M
NOI $315,594 @ 7.0% cap · market cap 23.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 14108, NY
5,654
Population
2,354
Households
2.4
Avg Household Size
47
Median Age
27%
College-Educated
92%
High-School Grad
24.8 sq mi
ZIP Area
228
Density / Sq Mi
$72,977
Median Household Income
$46,936
Median Earnings
$853
Median Rent
$146,100
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 - Duplex-style home with a separate in-law suite, plus an inground pool, hot tub, and patio for flexible living.
Where is this duplex located?
The property is located at 3248 Lockport Olcott Road Newfane, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Separate in‑law suite with 2 bedrooms, a full bath, and its own living area; Main residence with 4 bedrooms and 3 bathrooms plus an oversized chef’s kitchen; 14.8‑acre private setting with a stream and river access
