11-Unit Multifamily Apartment
For Sale
$999,900
55 Washington Street, Lockport, NY 14094
Stabilized 11-unit complex across three buildings with off-street parking and tenant-paid heat and electric.
Property Size9,580 SF
Price / SF$104.37
Days on Market137
Property Features for 55 Washington Street
General Information
Standard status
Active
Size
9,580 SF
Property subtype
Multi Family / Other
Net Operating Income
$81,788
Additional Details
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$11,381
Amenities
Two
Electric, Gas, Baseboard, Forced Air
Common Water Heater, Free Standing Range, Gas Water Heater, Oven, Refrigerator
Yes
No
9580.0
Carpet, Laminate, Other, See Remarks, Tile, Varies, Vinyl
Full, None, Partial
11
Asphalt
Blacktop Driveway, Deck
Other, See Remarks
Brick, Composite Siding, Frame, Other, See Remarks
Deck
Building Details
Year Built
1940
Stories
2
Tenancy
Multi
Listing Agency:
Network One Realty
(716) 874-3530
Listed By:
Michael F Battaglia · License #10371200173
(716) 874-3530
Source:
Compass
Added: Mar 27
Changed: Aug 8
Last Checked: Aug 9 at 11:49AM
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 Network One Realty
Investment Insights
Based on property information with market context.
This stabilized 11-unit multifamily property consists of three buildings plus a storage shed. The offering also includes ample additional acreage for future development. Ownership has completed substantial capital improvements. There is also an opportunity to add a 12th apartment unit by utilizing existing space on the ground level.
The property is located at 55 Washington Street (Unit 11) in Lockport City, New York. Tenants pay for heat and electric, and the site provides plenty of off-street parking. It is close to the city of Lockport and public transportation.
Additional income and expense details are available in the supplements.
The property is located at 55 Washington Street (Unit 11) in Lockport City, New York. Tenants pay for heat and electric, and the site provides plenty of off-street parking. It is close to the city of Lockport and public transportation.
Additional income and expense details are available in the supplements.
Key Highlights
- Stabilized 11‑unit multifamily complex across 3 buildings
- Tenant‑paid heat and electric
- Total building area: 9,580 SF; 2 levels
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
$74,679
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
7.47%
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%
$1,493,580
$1.5M
Cap Rate 7%
$1,066,843
$1.1M
Cap Rate 9%
$829,767
$829.8K
Market Conditions
NOI Build-Up for 9,580 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
$146.0K $15.24/SF
− Vacancy
−$10.2K −$1.07/SF
EGI
$135.8K $14.17/SF
− OpEx
−$61.1K −$6.38/SF
NOI
$74.7K $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%
$1,493,580
Cap Rate 7%
$1,066,843
Cap Rate 9%
$829,767
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$933.5K – $1.24M
NOI $74,679 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$8.14M
$7.12M – $9.50M
NOI $569,806 @ 7.0% cap · market cap 56.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
909
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Stabilized 11-unit complex across three buildings with off-street parking and tenant-paid heat and electric.
Where is this apartment building located?
The property is located at 55 Washington Street Lockport, NY.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Stabilized 11‑unit multifamily complex across 3 buildings; Tenant‑paid heat and electric; Total building area: 9,580 SF; 2 levels
