Updated
New
For Sale
$289,900
47 Main Street, Lancaster, NY 14043
Three apartments provide seven bedrooms and three full bathrooms across the property.
Property Size2,647 SF
Days on Market4
Property Features for 47 Main Street
General Information
Standard status
Active
Size
2,647 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,960
Building Details
Building Size
2,647 SF
Year Built
1920
Year Renovated
2026
Buildings
1
Listing Agency:
HUNT Real Estate ERA
Listed By:
Md Nazmul Hussain · License #10401369637
(347) 968-4231
Source:
Highfallssir
Added: Oct 5
Changed: Oct 7
Last Checked: Oct 7 at 2:31PM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
Built in 1920, this triplex contains three separate apartments with a combined seven bedrooms and three full bathrooms. The front lower-level and upper apartments each have two bedrooms, a living room, dining room, kitchen, and full bathroom. The rear lower-level apartment has three bedrooms and the same common-room and kitchen arrangement.
Recent work includes a tear-off roof and new siding in 2026, along with new windows, flooring, and interior paint. Plumbing and electrical systems have also received substantial updates.
Recent work includes a tear-off roof and new siding in 2026, along with new windows, flooring, and interior paint. Plumbing and electrical systems have also received substantial updates.
Key Highlights
- Three apartments with a combined total of 7 bedrooms and 3 full bathrooms
- Front lower‑level and upper apartments each have 2 bedrooms, living and dining rooms, a kitchen, and a full bathroom
- Rear lower‑level apartment has 3 bedrooms, living and dining rooms, a kitchen, and a full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,019
Cap Rate
5.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,380
$340.4K
Cap Rate 7%
$243,129
$243.1K
Cap Rate 9%
$189,100
$189.1K
Market Conditions
NOI Build-Up for 2,647 SF
Gross rent
$36.5K $13.80/SF
− Vacancy
−$12.2K −$4.61/SF
EGI
$24.3K $9.19/SF
− OpEx
−$7.3K −$2.76/SF
NOI
$17.0K $6.43/SF
Area
Erie County, NY
Vacancy
33.44%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,380
Cap Rate 7%
$243,129
Cap Rate 9%
$189,100
Alternative Uses
Best Use
Multifamily LT 5
$243.1K
$212.7K – $283.7K
NOI $17,019 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$218.3K
$191.0K – $254.7K
NOI $15,283 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$578.6K
$506.3K – $675.1K
NOI $40,505 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments provide seven bedrooms and three full bathrooms across the property.
Where is this triplex located?
The property is located at 47 Main Street Lancaster, NY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Three apartments with a combined total of 7 bedrooms and 3 full bathrooms; Front lower‑level and upper apartments each have 2 bedrooms, living and dining rooms, a kitchen, and a full bathroom; Rear lower‑level apartment has 3 bedrooms, living and dining rooms, a kitchen, and a full bathroom
