Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Residential Income Property with In-Law Unit Title is generated by Realmo AI

    3986 Gerry Levant Road, Falconer, NY 14733

    View on Map
    Claim this Listing
    For Sale
    $229,900

    MULTI_FAMILY - Other - Falconer, NY

    Property size:
    2,016 SF
    Lot size:
    1.90 Acres
    Price / SF:
    $114/SF
    Added:
    May 11, 2026
    Days on Market:
    27
    Last Refresh:
    Jun 6 at 11:06 pm

    Property Features for 3986 Gerry Levant Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 5, Bedroom 4
    Parking features
    Garage, Carport
    Patio and Porch features
    Porch
    Interior features
    PullDownAtticStairs
    Exterior features
    EnclosedPorch, Porch
    Appliances
    TanklessWaterHeater
    Standard status
    Active
    APN
    063889-320-000-0001-001-000
    Size
    2,016 SF
    Lot size
    1.90 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2441

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Natural Gas, Hot Water(Heating), Electric (Heating)
    Water source
    Well

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Laminate, Varies
    Building materials
    WoodSiding
    Roof type
    Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Andrew Blakey

    Listing agent Andrew Blakey License #10401396165

    Listing office Keller Williams Realty 385 E Fairmount Ave, Elma, NY

    Listing date May 11, 2026

    MLS# R1680935 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

    • 3‑bedroom, 2‑bath home on 1.9 acres in Falconer, NY
    • On‑demand tankless water heater plus hot water heat, electric heat, and natural gas heat
    • Enclosed front porch with porch entry
    • New updates reported including floors, cabinets, kitchen cabinets, and bathroom vanities
    • Heated barn/garage on a second lot with a 2‑bedroom, 1‑bath upstairs apartment (in‑law use)
    • Well water and septic tank; garage and carport plus ample parking between carport and driveway

    Overview

    This residential income property includes a main home with three bedrooms and two full bathrooms, along with a separate apartment located upstairs in a heated barn/garage. The main house features an enclosed front porch and has seen numerous updates, including new floors and updated kitchen and bathroom elements such as cabinets, vanities, and an on-demand hot water heater. Both the main home and the apartment are set to be vacant at closing.

    The property sits on approximately 1.9 acres and includes a second lot. Parking is described as ample, with space between the carport and the driveway, supporting convenient day-to-day access for residents and guests.

    For tenants or owner-occupants, the configuration offers independent living arrangements through the main home and the upstairs in-law unit above the heated barn/garage. For buyers seeking a residential income approach, the layout provides two dwelling spaces within the same overall property, with room for practical use of the heated accessory structure. The property’s vacancy at closing can streamline move-in or re-tenanting timelines for the next occupant.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $27.2k $13.50
    − Vacancy −$3.4k −$1.68
    EGI $23.8k $11.82
    − OpEx −$7.1k −$3.55
    NOI $16.7k $8.27
    2,016 SF · lease $13.50/SF/yr · vacancy 12.44% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $238.3K
    $208.5K – $278.0K (±1% cap)
    NOI $16,681 @ 7.0% cap · market cap 7.26%
    Second Best
    Apartment 5plus
    $218.0K
    $190.8K – $254.4K (±1% cap)
    NOI $15,263 @ 7.0% cap · market cap 6.64%
    Theoretical Best
    Office A
    $603.4K
    $528.0K – $704.0K (±1% cap)
    NOI $42,239 @ 7.0% cap · market cap 18.37%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Falconer
    County
    Chautauqua
    State
    New York
    Longitude
    -79.221288
    Latitude
    42.172559

    Nearby Similar for Sale

    • $399,000
      8,172 SF

      Established Bar & Restaurant Opportunity

      Turnkey bar and restaurant with a loyal customer base.
      7 E Main Street, Falconer, NY 14733
      View Details
    • $295,000
      9,100 SF

      Industrial/Commercial Property with Income

      Versatile industrial/commercial property with existing tenant and owner-user potential.
      35 Anderson Avenue, Falconer, NY 14733
      View Details
    • $99,900
      9,718 SF

      Falconer Commercial Storefront Opportunity

      Commercial property with storefronts and warehouse in high-traffic area.
      13-21 E Main Street, Falconer, NY 14733
      View Details
    • $495,000
      57,784 SF

      Versatile Commercial Property For Sale

      57,784 SF mixed-use property with manufacturing, warehouse, and office space.
      2020 South Allen Street, Falconer, NY 14733
      View Details
    • $69,900
      4,140 SF

      Falconer Mixed-Use Corner Property

      Mixed-use building with commercial space and two residential apartments.
      232 W Main St, Falconer, NY
      View Details

    FAQs

    What type of property is this?
    Duplex - Updated multi-unit setup with a heated barn/garage apartment and ample parking, delivered vacant at closing.
    Where is this duplex located?
    The property is located at 3986 Gerry Levant Road Falconer, NY.
    What is the asking price?
    The asking price for this property is $229,900.
    What are key features of this property?
    This property features: 3‑bedroom, 2‑bath home on 1.9 acres in Falconer, NY; On‑demand tankless water heater plus hot water heat, electric heat, and natural gas heat; Enclosed front porch with porch entry
    (716) 951-2493
    We can help!
    Listing Contact
    Andrew Blakey
    Real Estate License ID: 10401396165
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3986 Gerry Levant Road, Falconer, NY 14733
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!