8-Unit Lakefront Apartment
For Sale
$799,000
4344 W Summit Street, Lakewood, NY 14750
Lakefront apartment property with varied unit sizes, separate utilities, garage parking, and two currently vacant units.
Property Size8,843 SF
Price / SF$90.35
Days on Market37
Property Features for 4344 W Summit Street
General Information
Standard status
Active
Size
8,843 SF
Property subtype
Multi Family
Listing Agency:
Real Estate Advantage
(716) 969-4580
Listed By:
Heidi Brooks · License #10301221584
(716) 969-4580
Source:
Nicholcityrealty
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 8:27PM
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 Real Estate Advantage
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 8,843 square feet and offers a varied unit mix: one 3-bedroom, 2.1-bath apartment, six 1-bedroom, 1-bath apartments, and one studio. Six of the 1-bedroom units are occupied, while the larger apartment and studio are vacant. Separate utilities support straightforward property operations, and tenants pay their own utilities in the occupied units.
The property extends along Chautauqua Lake with 212 feet of frontage and broad lake views. Improvements include a 4-car garage, wraparound driveway, and ample on-site parking. The setting is near dining, shopping, everyday amenities, and major routes, with the property located within the Southwestern School District.
The property extends along Chautauqua Lake with 212 feet of frontage and broad lake views. Improvements include a 4-car garage, wraparound driveway, and ample on-site parking. The setting is near dining, shopping, everyday amenities, and major routes, with the property located within the Southwestern School District.
Key Highlights
- 8‑unit apartment property with 8,843 square feet
- 212 feet of Chautauqua Lake frontage with sweeping lake views
- Unit mix includes one 3‑bedroom, 2.1‑bath apartment, six 1‑bedroom, 1‑bath apartments, and one studio
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
$66,948
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
8.38%
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%
$1,338,960
$1.3M
Cap Rate 7%
$956,400
$956.4K
Cap Rate 9%
$743,867
$743.9K
Market Conditions
NOI Build-Up for 8,843 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
$140.1K $15.84/SF
− Vacancy
−$18.3K −$2.08/SF
EGI
$121.7K $13.76/SF
− OpEx
−$54.8K −$6.19/SF
NOI
$66.9K $7.57/SF
Area
Chautauqua County, NY
Vacancy
13.10%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$1,338,960
Cap Rate 7%
$956,400
Cap Rate 9%
$743,867
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 14750, NY
4,673
Population
2,352
Households
2
Avg Household Size
49
Median Age
35%
College-Educated
95%
High-School Grad
11.3 sq mi
ZIP Area
414
Density / Sq Mi
$67,083
Median Household Income
$44,653
Median Earnings
$1,145
Median Rent
$158,400
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?
Apartment building - Lakefront apartment property with varied unit sizes, separate utilities, garage parking, and two currently vacant units.
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 apartment property with 8,843 square feet; 212 feet of Chautauqua Lake frontage with sweeping lake views; Unit mix includes one 3‑bedroom, 2.1‑bath apartment, six 1‑bedroom, 1‑bath apartments, and one studio
