11-Unit Apartment
For Sale
$999,900
55 Washington Street, Lockport, NY 14094
Three-building property with off-street parking, additional acreage, and residential development potential.
Property Size9,580 SF
Days on Market111
Property Features for 55 Washington Street
General Information
Standard status
Active
Size
9,580 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$11,381
Building Details
Building Size
9,580 SF
Year Built
1940
Buildings
3
Stories
2
Units
11
Tenancy
Multi
Listing Agency:
Network One Realty
(716) 310-9871
Listed By:
Michael F Battaglia · License #10371200173
(716) 310-9871
Source:
Homeprocny
Added: May 14
Changed: Aug 31
Last Checked: Aug 2 at 9:56AM
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.
Located at 55 Washington Street in Lockport, New York, this apartment property includes 11 units distributed across three buildings, along with a storage shed and additional acreage. The site also includes off-street parking and space that may support further residential development.
Existing building area may accommodate a 12th apartment on the ground level of one structure. The additional acreage is identified for potential development of up to 22 residential units. Ownership has completed substantial capital improvements, while tenants are responsible for heat and electric costs. The property was built in 1940 and is near public transportation and the City of Lockport.
Existing building area may accommodate a 12th apartment on the ground level of one structure. The additional acreage is identified for potential development of up to 22 residential units. Ownership has completed substantial capital improvements, while tenants are responsible for heat and electric costs. The property was built in 1940 and is near public transportation and the City of Lockport.
Key Highlights
- 11 apartment units across 3 buildings
- Additional acreage with potential for up to 22 residential units
- Existing ground‑level space may accommodate a 12th apartment unit
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
Property Profile
Current Use
Lease Details
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 - Three-building property with off-street parking, additional acreage, and residential development potential.
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: 11 apartment units across 3 buildings; Additional acreage with potential for up to 22 residential units; Existing ground‑level space may accommodate a 12th apartment unit
