Renovated Two-Unit
For Sale
$375,000
466 4th Street, Niagara Falls, NY 14301
Currently operated as an Airbnb, the property offers two separate units with updated interiors and building systems.
Property Size2,114 SF
Days on Market51
Property Features for 466 4th Street
General Information
Standard status
Active
Size
2,114 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$695
Building Details
Building Size
2,114 SF
Year Built
1890
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Iconic Real Estate
(716) 266-5805
Listed By:
Jayson Parker
(716) 266-5805
Source:
Wcirealty
Added: Jul 14
Changed: Aug 31
Last Checked: Sep 1 at 7:31PM
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 Iconic Real Estate
Investment Insights
Based on property information with market context.
Built in 1890, this two-unit duplex has undergone a comprehensive renovation covering the roof, siding, windows, furnace, central air conditioning units, hot water tank, flooring, kitchens, and bathrooms. Both units feature refreshed living spaces, contemporary cabinetry, updated finishes, and custom tray ceilings with recessed LED lighting. The property is currently operated as an Airbnb, providing an established short-term rental configuration.
The location is minutes from Niagara Falls State Park, the casino, restaurants, entertainment, and other Niagara Falls attractions. The duplex can continue as a short-term rental, support an owner-occupied arrangement with the second unit rented, or serve as a two-unit addition to a residential portfolio.
The location is minutes from Niagara Falls State Park, the casino, restaurants, entertainment, and other Niagara Falls attractions. The duplex can continue as a short-term rental, support an owner-occupied arrangement with the second unit rented, or serve as a two-unit addition to a residential portfolio.
Key Highlights
- Two‑unit duplex built in 1890
- Comprehensive updates include roof, siding, windows, furnace, flooring, kitchens, and bathrooms
- Central air conditioning units and a newer hot water tank
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
$18,566
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
4.95%
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%
$371,320
$371.3K
Cap Rate 7%
$265,229
$265.2K
Cap Rate 9%
$206,289
$206.3K
Market Conditions
NOI Build-Up for 2,114 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
$28.4K $13.44/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$26.5K $12.55/SF
− OpEx
−$8.0K −$3.76/SF
NOI
$18.6K $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%
$371,320
Cap Rate 7%
$265,229
Cap Rate 9%
$206,289
Alternative Uses
Best Use
Multifamily LT 5
$265.2K
$232.1K – $309.4K
NOI $18,566 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$235.4K
$206.0K – $274.7K
NOI $16,479 @ 7.0% cap · market cap 4.39%
Theoretical Best
Warehouse
$1.80M
$1.57M – $2.10M
NOI $125,738 @ 7.0% cap · market cap 33.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 14301, NY
12,618
Population
7,285
Households
1.7
Avg Household Size
38
Median Age
18%
College-Educated
85%
High-School Grad
2.1 sq mi
ZIP Area
6,009
Density / Sq Mi
$37,650
Median Household Income
$32,909
Median Earnings
$722
Median Rent
$79,200
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 - Currently operated as an Airbnb, the property offers two separate units with updated interiors and building systems.
Where is this duplex located?
The property is located at 466 4th Street Niagara Falls, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1890; Comprehensive updates include roof, siding, windows, furnace, flooring, kitchens, and bathrooms; Central air conditioning units and a newer hot water tank
