3-Unit Multifamily
New
For Sale
$185,000
47 Pearl St, Lyons, NY 14489
Unit mix includes one 3-bedroom, one 2-bedroom, and one studio apartment.
Property Size1,968 SF
Days on Market4
Property Features for 47 Pearl St
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,155
Amenities
storage shed
Building Details
Building Size
1,968 SF
Year Built
1880
Stories
2
Units
3
Listing Agency:
Towpath Homes
(315) 923-7653
Listed By:
John J Flock · License #10301216475
(315) 923-7653
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 7:26AM
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 Towpath Homes
Investment Insights
Based on property information with market context.
This three-unit multifamily property, built in 1880, includes a three-bedroom apartment, a two-bedroom apartment, and a studio. Two units have long-term tenants, while the two-bedroom unit is available for occupancy. Each apartment is equipped with a stove and refrigerator, and the property has been maintained over time.
The property includes a manageable yard and a storage shed for tenant or owner use. Located at 47 Pearl St in Lyons, it is close to downtown shopping, restaurants, schools, parks, and other local amenities. The property has a Walk Score of 40 and a BikeScore of 34, reflecting car-dependent and somewhat bikeable conditions.
The property includes a manageable yard and a storage shed for tenant or owner use. Located at 47 Pearl St in Lyons, it is close to downtown shopping, restaurants, schools, parks, and other local amenities. The property has a Walk Score of 40 and a BikeScore of 34, reflecting car-dependent and somewhat bikeable conditions.
Key Highlights
- Three‑unit property with one 3‑bedroom, one 2‑bedroom, and one studio apartment
- Two units have long‑term tenants; the 2‑bedroom unit is currently available
- Each unit includes a stove and refrigerator
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
$16,785
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
9.07%
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%
$335,700
$335.7K
Cap Rate 7%
$239,786
$239.8K
Cap Rate 9%
$186,500
$186.5K
Market Conditions
NOI Build-Up for 1,968 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
$27.2K $13.80/SF
− Vacancy
−$3.2K −$1.62/SF
EGI
$24.0K $12.18/SF
− OpEx
−$7.2K −$3.66/SF
NOI
$16.8K $8.53/SF
Area
Wayne County, NY
Vacancy
11.71%
Lease Rate
$13.80 /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%
$335,700
Cap Rate 7%
$239,786
Cap Rate 9%
$186,500
Alternative Uses
Best Use
Multifamily LT 5
$239.8K
$209.8K – $279.8K
NOI $16,785 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$211.5K
$185.0K – $246.7K
NOI $14,803 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$530.1K
$463.9K – $618.5K
NOI $37,110 @ 7.0% cap · market cap 20.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 14489, NY
7,347
Population
3,065
Households
2.4
Avg Household Size
44
Median Age
19%
College-Educated
83%
High-School Grad
69.6 sq mi
ZIP Area
106
Density / Sq Mi
$67,169
Median Household Income
$36,415
Median Earnings
$966
Median Rent
$101,100
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?
Triplex - Unit mix includes one 3-bedroom, one 2-bedroom, and one studio apartment.
Where is this triplex located?
The property is located at 47 Pearl St Lyons, NY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Three‑unit property with one 3‑bedroom, one 2‑bedroom, and one studio apartment; Two units have long‑term tenants; the 2‑bedroom unit is currently available; Each unit includes a stove and refrigerator
