Updated Duplex with Bonus
New
For Sale
$189,900
476 Hawley Street, Lockport, NY 14094
Two-apartment property near downtown with recent exterior improvements and updated interiors.
Property Size2,046 SF
Price / SF$92.82
Days on Market6
Property Features for 476 Hawley Street
General Information
Standard status
Active
Size
2,046 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1875
Listing Agency:
MJ Peterson Real Estate Inc.
Listed By:
Frank Sandor · License #SANDORFR
(716) 863-0369
Source:
Cnynicheteam
Added: Sep 18
Last Checked: Sep 22 at 1:55PM
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 MJ Peterson Real Estate Inc.
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1875, includes separate apartments with additional interior updates in both units. The lower apartment has a bonus room that may offer flexibility for additional living space. Recent property improvements include glass block windows, replacement windows and doors, rebuilt front porches, new gutters, sidewalks, and two new hot water tanks. Electrical service was upgraded by a prior owner.
The property is located near Downtown Lockport, the Erie Canal, shopping, and restaurants. The address has a Walk Score of 41 and a Bike Score of 47. Existing tenants would like to remain, providing continuity for a purchaser evaluating the property as a residential income asset.
The property is located near Downtown Lockport, the Erie Canal, shopping, and restaurants. The address has a Walk Score of 41 and a Bike Score of 47. Existing tenants would like to remain, providing continuity for a purchaser evaluating the property as a residential income asset.
Key Highlights
- Two‑apartment duplex built in 1875
- Glass block windows, windows, and doors completed in 2023
- Front porches and gutters redone in 2023
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
$15,949
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
8.40%
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%
$318,980
$319.0K
Cap Rate 7%
$227,843
$227.8K
Cap Rate 9%
$177,211
$177.2K
Market Conditions
NOI Build-Up for 2,046 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
$31.2K $15.24/SF
− Vacancy
−$2.2K −$1.07/SF
EGI
$29.0K $14.17/SF
− OpEx
−$13.0K −$6.38/SF
NOI
$15.9K $7.80/SF
Area
Niagara County, NY
Vacancy
7.00%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
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%
$318,980
Cap Rate 7%
$227,843
Cap Rate 9%
$177,211
Alternative Uses
Best Use
Multifamily LT 5
$256.7K
$224.6K – $299.5K
NOI $17,969 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$227.8K
$199.4K – $265.8K
NOI $15,949 @ 7.0% cap · market cap 8.40%
Theoretical Best
Warehouse
$1.74M
$1.52M – $2.03M
NOI $121,694 @ 7.0% cap · market cap 64.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 14094, NY
50,969
Population
23,283
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
121.7 sq mi
ZIP Area
419
Density / Sq Mi
$73,354
Median Household Income
$45,056
Median Earnings
$869
Median Rent
$186,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-apartment property near downtown with recent exterior improvements and updated interiors.
Where is this duplex located?
The property is located at 476 Hawley Street Lockport, NY.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑apartment duplex built in 1875; Glass block windows, windows, and doors completed in 2023; Front porches and gutters redone in 2023
