Remodeled Duplex with Detached
New
For Sale
$149,900
461 22nd St, Niagara Falls, NY 14303
Two updated units offer flexible living arrangements with a separate garage for additional storage.
Property Size1,480 SF
Days on Market3
Property Features for 461 22nd St
General Information
Standard status
Active
Size
1,480 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,516
Building Details
Building Size
1,480 SF
Year Built
1925
Buildings
1
Units
2
Listing Agency:
Prestige Family Realty
(716) 287-6965
Listed By:
Andrew M Pietrantoni · License #10401374801
(716) 287-6965
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 4:13AM
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 Prestige Family Realty
Investment Insights
Based on property information with market context.
Built in 1925, this duplex has been renovated throughout and includes two distinct residential units. The lower residence contains three bedrooms and one full bathroom, while the upper residence provides one bedroom and one full bathroom. Improvements include refreshed bathrooms, new flooring, and vinyl windows in both units. A detached garage adds dedicated storage space.
Located at 461 22nd St in Niagara Falls, the property records a walk score of 66, described as Somewhat Walkable, along with a bike score of 54, described as Bikeable. Its two-unit layout supports rental use or an owner-occupant arrangement with separate living space.
Located at 461 22nd St in Niagara Falls, the property records a walk score of 66, described as Somewhat Walkable, along with a bike score of 54, described as Bikeable. Its two-unit layout supports rental use or an owner-occupant arrangement with separate living space.
Key Highlights
- Two‑unit duplex with a 3‑bedroom lower residence and 1‑bedroom upper residence
- Both units include 1 full bathroom
- Updated bathrooms, new flooring, and vinyl windows throughout
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
$12,998
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
8.67%
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%
$259,960
$260.0K
Cap Rate 7%
$185,686
$185.7K
Cap Rate 9%
$144,422
$144.4K
Market Conditions
NOI Build-Up for 1,480 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
$19.9K $13.44/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$18.6K $12.55/SF
− OpEx
−$5.6K −$3.76/SF
NOI
$13.0K $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%
$259,960
Cap Rate 7%
$185,686
Cap Rate 9%
$144,422
Alternative Uses
Best Use
Multifamily LT 5
$185.7K
$162.5K – $216.6K
NOI $12,998 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$164.8K
$144.2K – $192.3K
NOI $11,537 @ 7.0% cap · market cap 7.70%
Theoretical Best
Warehouse
$1.26M
$1.10M – $1.47M
NOI $88,029 @ 7.0% cap · market cap 58.73%
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
814
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 - Two updated units offer flexible living arrangements with a separate garage for additional storage.
Where is this duplex located?
The property is located at 461 22nd St Niagara Falls, NY.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom lower residence and 1‑bedroom upper residence; Both units include 1 full bathroom; Updated bathrooms, new flooring, and vinyl windows throughout
