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    3248 Lockport Olcott Road Newfane, NY 14108

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    Claim this Listing
    For Sale
    $1,600,000

    MULTI_FAMILY - Newfane, NY

    Property size:
    5,306 SF
    Lot size:
    14.80 Acres
    Price / SF:
    $301/SF
    Added:
    Jun 10, 2025
    Days on Market:
    331
    Last Refresh:
    May 6 at 7:06 pm

    Property Features for 3248 Lockport Olcott Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    5
    Rooms
    Basement, Bedroom 5, Bedroom 3, Bathroom 4, Bedroom 4, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 2, Bathroom 5, Bedroom 2, Bathroom 1
    Spa
    1
    Patio and Porch features
    Patio
    Interior features
    AirFiltration, ProgrammableThermostat
    Exterior features
    Barbecue, HotTubSpa, Pool, Patio
    Fireplace
    1
    Appliances
    GasWaterHeater, Humidifier
    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
    Natural Gas, Zoned, Forced Air
    Cooling system
    Zoned, Central Air
    Water source
    Public
    Water front features
    Stream, River Access

    Building Details

    Year built
    1997
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile, Hardwood, Varies
    Building materials
    Stone, Stucco, VinylSiding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Michelle Petrie

    Listing agent Michelle Petrie License #10401343898

    Listing office WNY Metro Roberts Realty 2211 Sheridan Drive, cheektowaga, NY

    Listing date Jun 10, 2025

    MLS# B1613565 Listing URL

    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.

    HighLights

    • 14+ acre private estate with mature trees and a peaceful creek.
    • Separate in‑law suite featuring 2 bedrooms, full bath, and living area.
    • Resort‑style backyard with inground pool, hot tub, outdoor kitchen, pergola dining, pool house, and basketball court.
    • Main residence features 4 bedrooms and 3 baths, including a primary suite with spa‑inspired bathroom and walk‑in closet.
    • Oversized chef's kitchen and beautifully appointed dining room.
    • Finished basement with a private gym.

    Overview

    Resort-Style Estate with In-Law Suite

    This custom-built mansion, situated on over 14 acres, offers resort-style living with privacy and versatility. The main residence features 4 bedrooms and 3 baths, including a primary suite with a spa-inspired bathroom and a walk-in closet. An oversized chef's kitchen and a dining room accommodate gatherings and celebrations. A separate in-law suite includes 2 bedrooms, a full bath, and its own living area. The finished basement features a private gym. The backyard is equipped for entertaining with an inground pool, hot tub, outdoor kitchen, pergola dining area, pool house, basketball court, and expansive patios. Recent upgrades include new garage doors and new AC condensers. The property offers 5306 square feet of living space and is located in Newfane, NY.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Dental Office Big Box & Wholesale Store Hair Salon Hotel & Motel Gym & Fitness Center Department Store Food Market Storage Facility Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newfane
    County
    Niagara
    State
    New York
    Longitude
    -78.698613
    Latitude
    43.257316

    Nearby Similar for Sale

    • $599,000
      11,402 SF

      Established Restaurant and Retail Opportunity

      Profitable restaurant, retail units, and land for sale.
      3333 Lockport Olcott Road, Newfane, NY 14108
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    • $1,400,000
      70,547 SF

      Former Hospital Building in Newfane

      63,106 SF former hospital on 7.5 acres for sale.
      2600 William Street, Newfane, NY 14108
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    FAQs

    What type of property is this?
    Single family property - Luxury estate on 14+ acres with pool, gym, and more.
    Where is this single family property located?
    The property is located at 3248 Lockport Olcott Road Newfane, NY.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: 14+ acre private estate with mature trees and a peaceful creek.; Separate in‑law suite featuring 2 bedrooms, full bath, and living area.; Resort‑style backyard with inground pool, hot tub, outdoor kitchen, pergola dining, pool house, and basketball court.
    (585) 749-8275
    We can help!
    Listing Contact
    Michelle Petrie
    Real Estate License ID: 10401343898
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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