Updated Duplex with
New
For Sale
$289,900
345 Terrace Blvd, Cheektowaga, NY 14043
Two-family property with flexible lower-level living space, a separate upper unit, and extensive mechanical improvements.
Property Size2,100 SF
Price / SF$138.05
Days on Market2
Property Features for 345 Terrace Blvd
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4-5BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,180
Amenities
hardwood floors
central A/C
smart thermostats
smart switches
deck
fenced-in yard
storage loft
Building Details
Building Size
2,100 SF
Year Built
1930
Buildings
1
Units
2
Listing Agency:
Buffalo Home Seller LLC
Listed By:
Brandi Bashor · License #10301221794
(732) 757-6288
Source:
Elliman
Added: Sep 19
Last Checked: Sep 20 at 7:46AM
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 Home Seller LLC
Investment Insights
Based on property information with market context.
This 2,100-square-foot duplex, built in 1930, includes a lower residence with four bedrooms and an office or five bedrooms, along with 2 full bathrooms. The upper unit provides 1 bedroom and 1 bath. Interior features include hardwood floors, kitchen improvements, central A/C, Google thermostats, and smart switches. A clean basement offers additional storage or workspace.
Major system work includes a newer full tear-off roof, updated chimney tuck pointing and flashing, a new sewer line, a new water line, and new electric service with a breaker panel. Exterior amenities include a painted deck, shaded seating, new screen doors, and a fully fenced yard. Parking includes a concrete driveway with 3 spaces and a 2.5-car garage with stairs to a storage loft.
The property occupies a corner yard near Fireman's Park at 345 Terrace Blvd in Cheektowaga. Shopping, restaurants, parks, and major thruways are described as easily accessible from the area.
Major system work includes a newer full tear-off roof, updated chimney tuck pointing and flashing, a new sewer line, a new water line, and new electric service with a breaker panel. Exterior amenities include a painted deck, shaded seating, new screen doors, and a fully fenced yard. Parking includes a concrete driveway with 3 spaces and a 2.5-car garage with stairs to a storage loft.
The property occupies a corner yard near Fireman's Park at 345 Terrace Blvd in Cheektowaga. Shopping, restaurants, parks, and major thruways are described as easily accessible from the area.
Key Highlights
- Two‑family property with a lower unit offering four bedrooms and an office or five bedrooms
- Upper apartment includes 1 bedroom and 1 bath
- 2,100 square feet on a corner yard near Fireman's Park
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
$13,502
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
4.66%
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%
$270,040
$270.0K
Cap Rate 7%
$192,886
$192.9K
Cap Rate 9%
$150,022
$150.0K
Market Conditions
NOI Build-Up for 2,100 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
$29.0K $13.80/SF
− Vacancy
−$9.7K −$4.61/SF
EGI
$19.3K $9.19/SF
− OpEx
−$5.8K −$2.76/SF
NOI
$13.5K $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%
$270,040
Cap Rate 7%
$192,886
Cap Rate 9%
$150,022
Alternative Uses
Best Use
Multifamily LT 5
$192.9K
$168.8K – $225.0K
NOI $13,502 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$173.2K
$151.6K – $202.1K
NOI $12,125 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$459.1K
$401.7K – $535.6K
NOI $32,135 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with flexible lower-level living space, a separate upper unit, and extensive mechanical improvements.
Where is this duplex located?
The property is located at 345 Terrace Blvd Cheektowaga, NY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑family property with a lower unit offering four bedrooms and an office or five bedrooms; Upper apartment includes 1 bedroom and 1 bath; 2,100 square feet on a corner yard near Fireman's Park
