Remodeled Duplex with Detached
New
For Sale
$149,900
461 22nd Street, Niagara Falls, NY 14303
MULTI_FAMILY - Niagara Falls, NY
Property Size1,480 SF
Lot Size0.08 Acres
Price / SF$101.28
Days on Market4
Property Features for 461 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Basement, Bedroom 4
Parking features
Driveway, On Street
Interior features
CeilingFans
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Niagara Falls
Middle school district
Niagara Falls
High school district
Niagara Falls
Directions
Grand to 22nd or GPS
Subdivision
Niagara Falls-City-291100
Standard status
Active
APN
291100-159-033-0003-068-000
Size
1,480 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2516
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Amenities
detached garage
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Asphalt, Shingle
Listing Agency:
Prestige Family Realty
(716) 389-3524
Listed By:
Andrew M Pietrantoni · License #10401374801
(716) 287-6965
Added: Aug 12
Last Checked: Aug 15 at 1:06AM
MLS# B1706352
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.
Investment Insights
Based on property information with market context.
This 1,480-square-foot brick duplex contains two residential units with a flexible configuration. The lower apartment includes 3 bedrooms and 1 full bath, while the upper apartment provides 1 bedroom and 1 full bath. Both units have updated bathrooms, vinyl flooring, and vinyl windows. A detached garage adds storage, while driveway and on-street parking serve the property.
Built in 1925, the property sits on a 0.0813-acre lot and is served by public water. Building systems include natural-gas baseboard heat, a gas water heater, asphalt shingle roofing, and ceiling fans. The duplex layout supports separate living arrangements within one residential income property.
Built in 1925, the property sits on a 0.0813-acre lot and is served by public water. Building systems include natural-gas baseboard heat, a gas water heater, asphalt shingle roofing, and ceiling fans. The duplex layout supports separate living arrangements within one residential income property.
Key Highlights
- Two‑unit duplex with 3‑bedroom lower unit and 1‑bedroom upper unit
- 1,480 square feet on a 0.0813‑acre lot
- Updated bathrooms, vinyl flooring, and vinyl windows in both units
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 distinct units feature updated finishes, vinyl windows, and supplemental storage in a detached garage.
Where is this duplex located?
The property is located at 461 22nd Street 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 3‑bedroom lower unit and 1‑bedroom upper unit; 1,480 square feet on a 0.0813‑acre lot; Updated bathrooms, vinyl flooring, and vinyl windows in both units
