Mixed-Use Property with
For Sale
$649,000
5476 Broadway Street, Lancaster, NY 14086
Two commercial spaces share the property with seven apartments across a pair of buildings.
Property Size9,856 SF
Price / SF$65.85
Days on Market230
Property Features for 5476 Broadway Street
General Information
Standard status
Active
Size
9,856 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
Multi-Use2, Commercial
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Mixed-Use Components
retail, residential
Units
Unit Mix
4 x 2-bedroom, 3 x 1-bedroom
Multifamily Units
7
Individually Metered Utilities
all utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,783
Building Details
Building Size
9,856 SF
Year Built
1920
Buildings
2
Stories
3
Units
9
Tenancy
Multi
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Gary Greco Jr · License #10401251303
(716) 208-5340
Source:
Deeprootedrealty
Added: Mar 11
Changed: Oct 23
Last Checked: Oct 23 at 10:59AM
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 Gurney Becker & Bourne
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Investment Insights
Based on property information with market context.
This corner property in Lancaster Village includes two buildings combining commercial and residential space. The front building has two retail suites of about 1,000 square feet each, four apartments on the second floor, and a third floor with potential for two additional rental units. The rear building contains three more apartments and garage parking. Existing apartments include a mix of one- and two-bedroom layouts.
The property is one block from Central Ave and includes an additional parcel addressed as 9 School St. Off-street and garage parking accommodate about 10 cars, while the adjacent lot adds 7,000 square feet that could be used for additional parking. Zoning is Multi-Use2, Commercial.
Utilities are separately metered across both buildings, and tenants occupy the spaces on month-to-month leases. The front building has newer electrical service and new central air units serving the storefronts.
The property is one block from Central Ave and includes an additional parcel addressed as 9 School St. Off-street and garage parking accommodate about 10 cars, while the adjacent lot adds 7,000 square feet that could be used for additional parking. Zoning is Multi-Use2, Commercial.
Utilities are separately metered across both buildings, and tenants occupy the spaces on month-to-month leases. The front building has newer electrical service and new central air units serving the storefronts.
Key Highlights
- Two buildings combine retail space and seven apartments
- Two storefronts of about 1,000 square feet each
- Apartment mix includes one- and two‑bedroom units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,905
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,138,100
$1.1M
Cap Rate 7%
$812,929
$812.9K
Cap Rate 9%
$632,278
$632.3K
Market Conditions
NOI Build-Up for 9,856 SF
Gross rent
$159.7K $16.20/SF
− Vacancy
−$56.2K −$5.70/SF
EGI
$103.5K $10.50/SF
− OpEx
−$46.6K −$4.72/SF
NOI
$56.9K $5.77/SF
Area
Erie County, NY
Vacancy
35.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,138,100
Cap Rate 7%
$812,929
Cap Rate 9%
$632,278
Alternative Uses
Best Use
Specialty Retail
$1.70M
$1.48M – $1.98M
NOI $118,686 @ 7.0% cap · market cap 18.29%
Second Best
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,585 @ 7.0% cap · market cap 14.27%
Theoretical Best
Office A
$2.15M
$1.89M – $2.51M
NOI $150,820 @ 7.0% cap · market cap 23.24%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
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Business Placement
Demographics for 14086, NY
35,010
Population
15,486
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
1,051
Density / Sq Mi
$95,949
Median Household Income
$53,164
Median Earnings
$983
Median Rent
$263,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial spaces share the property with seven apartments across a pair of buildings.
Where is this mixed-use property located?
The property is located at 5476 Broadway Street Lancaster, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two buildings combine retail space and seven apartments; Two storefronts of about 1,000 square feet each; Apartment mix includes one- and two‑bedroom units
