Building Details

Year Built 1956

Buildings 2

Tenancy Single

Listing Agency: eXp Realty

Listed By: Sarah Feeney · License #10401316586 Show Phone

Source: Skinnercnyrealty

Added: Jul 31 Changed: Oct 12 Last Checked: Oct 7 at 3:10PM

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Investment Insights

Based on property information with market context.

This duplex property includes two separate homes on one parcel. The front residence has 1 bedroom, 1 full bathroom, a living room, kitchen, first-floor laundry, and a private patio. The washer and dryer, stove, and refrigerator remain, and the home is fully handicap accessible. The rear residence contains 4 bedrooms, 2 full bathrooms, a kitchen, a full basement, and a finished sunroom completed in 2020. The microwave remains but is non-operational, while the refrigerator will be removed before closing.

Major improvements include a roof installed in 2020, an updated electrical panel from 2019, a blacktop driveway completed in 2021, and a hot water tank replaced in 2024. The rear structure was changed from a two-family configuration to a single-family residence in 2020. Shared outdoor space and a storage shed serve both homes. Cosmetic work is needed. The property is located at 5974 Dover Rd in Lake View, NY, and was built in 1956.

Key Highlights

• Two separate homes situated on one parcel
• Front home includes 1 bedroom, 1 full bathroom, first‑floor laundry, and full handicap accessibility
• Rear home offers 4 bedrooms, 2 full bathrooms, and a full basement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,988

Cap Rate

5.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$259,760 $259.8K

Cap Rate 7%

$185,543 $185.5K

Cap Rate 9%

$144,311 $144.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,020 SF

Gross rent

$27.9K $13.80/SF

− Vacancy

−$9.3K −$4.61/SF

EGI

$18.6K $9.19/SF

− OpEx

−$5.6K −$2.76/SF

NOI

$13.0K $6.43/SF

Area

Erie County, NY

Vacancy

33.44%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$259,760

Cap Rate 7%

$185,543

Cap Rate 9%

$144,311

Alternative Uses

Best Use

Multifamily LT 5

$185.5K

$162.4K – $216.5K (±1% cap)

NOI $12,988 @ 7.0% cap · market cap 5.85%

Second Best

Apartment 5plus

$166.6K

$145.8K – $194.4K (±1% cap)

NOI $11,663 @ 7.0% cap · market cap 5.25%

Theoretical Best

Office A

$441.6K

$386.4K – $515.2K (±1% cap)

NOI $30,911 @ 7.0% cap · market cap 13.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Restaurant Building Supply Law Firm Big Box & Wholesale Store Spa & Massage Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

90

Businesses Nearby

Explore this area Business Placement

Demographics for 14085, NY

8,157

Population

3,135

Households

2.6

Avg Household Size

41

Median Age

48%

College-Educated

97%

High-School Grad

7.7 sq mi

ZIP Area

1,059

Density / Sq Mi

$124,286

Median Household Income

$61,338

Median Earnings

$274,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Duplex - One parcel includes distinct residences with shared outdoor space and separate living arrangements.

Where is this duplex located?

The property is located at 5974 Dover Rd Lakeview, NY.

What is the asking price?

The asking price for this property is $222,000.

What are key features of this property?

This property features: Two separate homes situated on one parcel; Front home includes 1 bedroom, 1 full bathroom, first‑floor laundry, and full handicap accessibility; Rear home offers 4 bedrooms, 2 full bathrooms, and a full basement