Two-Unit Residential Income
For Sale
$199,900
37 Nelson Pl, Lackawanna, NY 14218
Well-maintained duplex with a covered front porch, private driveway, and detached garage, offering a 2-bedroom and 1-bedroom unit layout.
Property Size1,419 SF
Price / SF$140.87
Days on Market47
Property Features for 37 Nelson Pl
General Information
Standard status
Active
Size
1,419 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,809
Building Details
Building Size
1,419 SF
Year Built
1927
Units
2
Tenancy
Multi
Listing Agency:
HUNT Real Estate ERA
(716) 807-6401
Listed By:
Sean Mattrey · License #10301220699
(716) 807-6401
Source:
Elliman
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 23 at 9:20AM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This well-maintained two-unit residential duplex features a 2-bedroom lower apartment and a 1-bedroom upper apartment, totaling two separate living spaces. The units are described as move-in ready with updated flooring, neutral décor, and functional layouts. Kitchens include ample cabinet space, and the bathrooms have been refreshed. A covered front porch provides an outdoor area, while a private driveway and detached garage offer off-street parking and additional storage.
The property is located near shopping, restaurants, parks, schools, and major roadways, with walk, bike, and transit scores of 65, 56, and 31, respectively.
The property is located near shopping, restaurants, parks, schools, and major roadways, with walk, bike, and transit scores of 65, 56, and 31, respectively.
Key Highlights
- 1927‑built, well‑maintained 2‑unit duplex with 1,419 sq. ft. total living space
- Unit mix features a 2‑bedroom lower apartment and a 1‑bedroom upper apartment
- Kitchens include ample cabinet space; bathrooms have been refreshed
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
$14,080
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
7.04%
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%
$281,600
$281.6K
Cap Rate 7%
$201,143
$201.1K
Cap Rate 9%
$156,444
$156.4K
Market Conditions
NOI Build-Up for 1,419 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
$21.3K $15.00/SF
− Vacancy
−$1.2K −$0.83/SF
EGI
$20.1K $14.17/SF
− OpEx
−$6.0K −$4.25/SF
NOI
$14.1K $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%
$281,600
Cap Rate 7%
$201,143
Cap Rate 9%
$156,444
Alternative Uses
Best Use
Multifamily LT 5
$201.1K
$176.0K – $234.7K
NOI $14,080 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$185.3K
$162.1K – $216.2K
NOI $12,969 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$341.2K
$298.6K – $398.1K
NOI $23,887 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
479
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
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 - Well-maintained duplex with a covered front porch, private driveway, and detached garage, offering a 2-bedroom and 1-bedroom unit layout.
Where is this duplex located?
The property is located at 37 Nelson Pl Lackawanna, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1927‑built, well‑maintained 2‑unit duplex with 1,419 sq. ft. total living space; Unit mix features a 2‑bedroom lower apartment and a 1‑bedroom upper apartment; Kitchens include ample cabinet space; bathrooms have been refreshed
