Duplex with
New
For Sale
$239,900
33 Pacific Avenue, Lackawanna, NY 14218
Two apartments combine updated interiors with a fenced yard and deck.
Property Size1,872 SF
Days on Market6
Property Features for 33 Pacific Avenue
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,755
Amenities
deck
fenced yard
central air
Building Details
Building Size
1,872 SF
Year Built
1965
Listing Agency:
Buffalo Boardwalk Real Estate LLC
Listed By:
Shannon Sherman · License #10491208983
(716) 361-9422
Source:
Highfallssir
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 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 Buffalo Boardwalk Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1965, this Lackawanna duplex has a 2BR/1BA lower apartment and a 3BR/1BA upper apartment. The lower unit features new LVP flooring, updated lighting and bathroom finishes, plus an eat-in kitchen with deck access. Hardwood remains in the upper apartment’s living room and two bedrooms; its kitchen and bathroom floors were replaced in 2023, along with the central air unit.
The property includes a 2.5-car garage and a fully fenced yard. The garage roof was replaced in 2021, the fence in August 2025, and the electrical panels and service line were updated in 2018. Spray foam insulation was added in the basement and attic in 2025. Other reported improvements include a sump pump replacement and a full tear-off roof in 2014. The duplex sits on a dead-end street in Lackawanna.
The property includes a 2.5-car garage and a fully fenced yard. The garage roof was replaced in 2021, the fence in August 2025, and the electrical panels and service line were updated in 2018. Spray foam insulation was added in the basement and attic in 2025. Other reported improvements include a sump pump replacement and a full tear-off roof in 2014. The duplex sits on a dead-end street in Lackawanna.
Key Highlights
- Two‑apartment layout: lower 2BR/1BA and upper 3BR/1BA
- 2.5‑car garage with a new metal roof (2021)
- Lower apartment has new LVP flooring, updated lighting and bathroom, and an eat‑in kitchen opening to the deck
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
$18,575
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
7.74%
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%
$371,500
$371.5K
Cap Rate 7%
$265,357
$265.4K
Cap Rate 9%
$206,389
$206.4K
Market Conditions
NOI Build-Up for 1,872 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
$28.1K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.5K $14.17/SF
− OpEx
−$8.0K −$4.25/SF
NOI
$18.6K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /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%
$371,500
Cap Rate 7%
$265,357
Cap Rate 9%
$206,389
Alternative Uses
Best Use
Multifamily LT 5
$265.4K
$232.2K – $309.6K
NOI $18,575 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$244.4K
$213.9K – $285.2K
NOI $17,109 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments combine updated interiors with a fenced yard and deck.
Where is this duplex located?
The property is located at 33 Pacific Avenue Lackawanna, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑apartment layout: lower 2BR/1BA and upper 3BR/1BA; 2.5‑car garage with a new metal roof (2021); Lower apartment has new LVP flooring, updated lighting and bathroom, and an eat‑in kitchen opening to the deck
