Two-Unit Brick
New
For Sale
$174,900
353 38th St, Niagara Falls, NY 14303
Freshly updated vacant units provide separate entrances and flexible occupancy options for an owner-occupant or rental operator.
Property Size1,824 SF
Lot Size0.11 Acres
Price / SF$95.89
Days on Market4
Property Features for 353 38th St
General Information
Standard status
Active
Size
1,824 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,017
Building Details
Building Size
1,824 SF
Year Built
1955
Stories
2
Units
2
Construction
all-brick
Listing Agency:
Hooper Realty
(716) 531-3080
Listed By:
Frank A Pietrangeli · License #30PI0692526
(716) 531-3080
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 10:18AM
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 Hooper Realty
Investment Insights
Based on property information with market context.
This 1955 duplex at 353 38th St in Niagara Falls, NY, contains approximately 1,824 square feet arranged across two separate residences. Each unit has its own private entrance, and the property includes four bedrooms and two full baths overall. The all-brick exterior and approximately 0.11-acre city lot provide a straightforward physical layout for ownership and management.
Both units are vacant and freshly updated, allowing the next owner to determine occupancy and leasing plans. The property is near Niagara Falls attractions, shopping, restaurants, public transportation, and major routes. Walk Score is 53, Bike Score is 48, and Transit Score is 29.
Both units are vacant and freshly updated, allowing the next owner to determine occupancy and leasing plans. The property is near Niagara Falls attractions, shopping, restaurants, public transportation, and major routes. Walk Score is 53, Bike Score is 48, and Transit Score is 29.
Key Highlights
- Two‑unit duplex with separate private entrances
- Approximately 1,824 square feet with 4 bedrooms and 2 full baths overall
- All‑brick exterior on an approximately 0.11‑acre city lot
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
$16,019
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
9.16%
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%
$320,380
$320.4K
Cap Rate 7%
$228,843
$228.8K
Cap Rate 9%
$177,989
$178.0K
Market Conditions
NOI Build-Up for 1,824 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
$24.5K $13.44/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$22.9K $12.55/SF
− OpEx
−$6.9K −$3.76/SF
NOI
$16.0K $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%
$320,380
Cap Rate 7%
$228,843
Cap Rate 9%
$177,989
Alternative Uses
Best Use
Multifamily LT 5
$228.8K
$200.2K – $267.0K
NOI $16,019 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$203.1K
$177.7K – $237.0K
NOI $14,219 @ 7.0% cap · market cap 8.13%
Theoretical Best
Warehouse
$1.55M
$1.36M – $1.81M
NOI $108,489 @ 7.0% cap · market cap 62.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 14303, NY
5,958
Population
3,505
Households
1.7
Avg Household Size
38
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
2,207
Density / Sq Mi
$45,519
Median Household Income
$34,623
Median Earnings
$845
Median Rent
$78,200
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 - Freshly updated vacant units provide separate entrances and flexible occupancy options for an owner-occupant or rental operator.
Where is this duplex located?
The property is located at 353 38th St Niagara Falls, NY.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit duplex with separate private entrances; Approximately 1,824 square feet with 4 bedrooms and 2 full baths overall; All‑brick exterior on an approximately 0.11‑acre city lot
