Lakefront Multifamily Apartment
4344 W Summit Street, Lakewood, NY 14750
New
MULTI_FAMILY - Lakewood, NY
Property size:
8,843 SFLot size:
1.05 AcresPrice / SF:
$90/SF- Added:
- Jul 2, 2026
- Days on Market:
- 1
- Last Refresh:
- Jul 2 at 4:06 pm
Property Features for 4344 W Summit Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Rooms
- Bedroom 3, Bedroom 1, Bedroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 7
- Parking features
- Garage
- Patio and Porch features
- Patio, Porch
- Interior features
- SlidingGlassDoors
- Exterior features
- BlacktopDriveway, ConcreteDriveway, GravelDriveway, Patio
- Fireplace
- 1
- Appliances
- AppliancesNegotiable, Dishwasher, ElectricOven, ElectricRange, Disposal, GasWaterHeater, Refrigerator
- Standard status
- Active
- APN
- 062289-385-005-0004-034-000
- Size
- 8,843 SF
- Lot size
- 1.05 Acres
Taxes and HOA fees
- Tax Annual Amount
- 11867
Utilities
- Heating system
- Baseboard, Hot Water(Heating), Zoned, Natural Gas
- Cooling system
- Zoned
- Water source
- Public
- Water front features
- Lake, Beach Access
- Water front
- 1
Building Details
- Year built
- 1950
- Floors in Building
- 3
- Number of units
- 8
- Flooring type
- Carpet, Vinyl, Varies, Laminate
- Building materials
- VinylSiding
- Roof type
- Asphalt
Listing agent Heidi Brooks License #10301221584 (716) 969-4580
Listing office Real Estate Advantage 800 Fairmount Ave. W.E., Jamestown, NY (716) 484-2020
Listing date Jul 2, 2026
MLS# R1695029
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
- 8‑unit lakefront property on Chautauqua Lake with 212 ft of frontage and beach access
- Unit mix includes one 3‑bedroom/2.1‑bath unit, six 1‑bedroom/1‑bath units, and one studio unit
- Six 1‑bedroom units are occupied and average $780/month; tenants pay their own utilities
- 3‑bedroom unit and studio are currently vacant for immediate income growth or owner‑occupancy
- 4‑car garage plus wraparound driveway with blacktop, concrete, and gravel drive surfaces and ample parking
- Separate utilities for each unit to simplify management; zoned hot water/natural gas heating and zoned cooling
Overview
This eight-unit apartment property offers a straightforward income and occupancy mix, including one 3-bedroom, 2.1-bath apartment, six 1-bedroom, 1-bath apartments, and one studio apartment. The six 1-bedroom units are currently occupied, and the 3-bedroom unit and studio are currently vacant. Tenants pay their own utilities, which are listed as separate, simplifying day-to-day operating arrangements. On-site improvements include a 4-car garage, along with a wraparound driveway and ample parking to support tenant and guest access.
Set in Lakewood on the shores of Chautauqua Lake, the building provides approximately 212 feet of lake frontage. The property is located within the Southwestern School District, and the listing notes proximity to dining, shopping, everyday amenities, and major routes.
For tenants or owner-occupants, the available 3-bedroom and studio units may support immediate personal use while keeping the remaining apartments in place. For investors, the current configuration provides a blend of occupied units and vacant space for repositioning decisions, including the option to lease the remaining units or evaluate future use. The lakefront setting and substantial frontage are distinguishing characteristics for anyone seeking a residential income property with a defined outdoor asset.
Set in Lakewood on the shores of Chautauqua Lake, the building provides approximately 212 feet of lake frontage. The property is located within the Southwestern School District, and the listing notes proximity to dining, shopping, everyday amenities, and major routes.
For tenants or owner-occupants, the available 3-bedroom and studio units may support immediate personal use while keeping the remaining apartments in place. For investors, the current configuration provides a blend of occupied units and vacant space for repositioning decisions, including the option to lease the remaining units or evaluate future use. The lakefront setting and substantial frontage are distinguishing characteristics for anyone seeking a residential income property with a defined outdoor asset.
Local Financial Insights For Apartment 5plus
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 | $140.1k | $15.84 |
| − Vacancy | −$18.3k | −$2.08 |
| EGI | $121.7k | $13.76 |
| − OpEx | −$54.8k | −$6.19 |
| NOI | $66.9k | $7.57 |
8,843 SF · lease $15.84/SF/yr · vacancy 13.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$956.4K
$836.9K – $1.12M
NOI $66,948 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,279 @ 7.0% cap · market cap 23.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lakewood
- County
- Chautauqua
- State
- New York
- Longitude
- -79.344695
- Latitude
- 42.100299
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Eight-unit rental with 212 feet of Chautauqua Lake frontage, mixed unit sizes, separate utilities, and ample parking.
Where is this apartment building located?
The property is located at 4344 W Summit Street Lakewood, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 8‑unit lakefront property on Chautauqua Lake with 212 ft of frontage and beach access; Unit mix includes one 3‑bedroom/2.1‑bath unit, six 1‑bedroom/1‑bath units, and one studio unit; Six 1‑bedroom units are occupied and average $780/month; tenants pay their own utilities
