Three-Unit Residential Income
For Sale
$599,900
548 10TH ST, Niagara Falls, NY 14301
Three well-maintained units each feature two bedrooms, one bath, updated kitchens and baths, plus in-unit appliances and laundry.
Property Size2,749 SF
Price / SF$218.22
Days on Market367
Property Features for 548 10TH ST
General Information
Standard status
Active
Size
2,749 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,576
Amenities
Gas
Full
3
Tile, Vinyl
Attic Storage
Asphalt
Other, Brick Wall
Porch, Balcony, Covered
Fenced Yard.
Brick, Other
Rectangular
33X132
Trash Collection. City Road, Rectangular.
Building Details
Year Built
1920
Listing Agency:
Howard Hanna WNY Inc.
(716) 754-8995
Listed By:
Michael Johnson · License #30JO0811084
(716) 628-1900
Source:
Xome
Added: Sep 9, 2025
Changed: Sep 8
Last Checked: Sep 9 at 6:13AM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
Well-maintained three-unit residential income property with refinished woodwork and updated interiors throughout. Each of the three units offers a spacious two-bedroom, one-bath layout with a tastefully updated kitchen and bathroom. Updates also include newer windows that bring in natural light.
Each unit is equipped with a refrigerator, stove, washer, and dryer, supporting comfortable day-to-day living. The overall presentation combines classic character with modern upgrades.
The property is configured as a three-unit multifamily building, with separate unit layouts for two-bedroom, one-bath occupancy across all three units.
Each unit is equipped with a refrigerator, stove, washer, and dryer, supporting comfortable day-to-day living. The overall presentation combines classic character with modern upgrades.
The property is configured as a three-unit multifamily building, with separate unit layouts for two-bedroom, one-bath occupancy across all three units.
Key Highlights
- Three‑unit multi‑family built in 1920 with two‑bedroom, one‑bath layouts
- Updated kitchens and bathrooms in each unit
- Each unit includes in‑unit appliances: refrigerator and stove, plus washer and dryer
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
$24,143
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
4.02%
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%
$482,860
$482.9K
Cap Rate 7%
$344,900
$344.9K
Cap Rate 9%
$268,256
$268.3K
Market Conditions
NOI Build-Up for 2,749 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
$36.9K $13.44/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$34.5K $12.55/SF
− OpEx
−$10.3K −$3.76/SF
NOI
$24.1K $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%
$482,860
Cap Rate 7%
$344,900
Cap Rate 9%
$268,256
Alternative Uses
Best Use
Multifamily LT 5
$344.9K
$301.8K – $402.4K
NOI $24,143 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$306.1K
$267.9K – $357.2K
NOI $21,429 @ 7.0% cap · market cap 3.57%
Theoretical Best
Warehouse
$2.34M
$2.04M – $2.73M
NOI $163,507 @ 7.0% cap · market cap 27.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,412
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
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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?
Triplex - Three well-maintained units each feature two bedrooms, one bath, updated kitchens and baths, plus in-unit appliances and laundry.
Where is this triplex located?
The property is located at 548 10TH ST Niagara Falls, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three‑unit multi‑family built in 1920 with two‑bedroom, one‑bath layouts; Updated kitchens and bathrooms in each unit; Each unit includes in‑unit appliances: refrigerator and stove, plus washer and dryer
