Updated Victorian Triplex with
For Sale
$369,900
68 Tyler Street, Lancaster, NY 14043
Three-unit property with renovated interiors, separate utilities, private outdoor areas, and off-street parking.
Property Size2,456 SF
Days on Market12
Property Features for 68 Tyler Street
General Information
Standard status
Active
Size
2,456 SF
Property subtype
Multi Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,145
Amenities
wraparound porch
off-street parking
private outdoor space
laundry hookups
updated appliances
Building Details
Building Size
2,456 SF
Year Built
1890
Buildings
2
Construction
Victorian-style
Listing Agency:
WNY Metro Roberts Realty
Listed By:
Ryan Burke · License #10301222154
(716) 572-2848
Source:
Highfallssir
Added: Sep 16
Changed: Sep 25
Last Checked: Sep 26 at 1:12PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
Built in 1890, this three-unit property combines a Victorian-style main residence with a detached rear cottage. The main house contains two two-bedroom apartments and features a wraparound porch, large windows, original woodwork, exposed brick, and updated kitchens and bathrooms. The cottage received a complete interior renovation and has a new mini-split heating and air-conditioning system. Across the property, improvements include new vinyl flooring and carpeting, fresh paint, subway tile accents, replacement windows, and updated appliances.
Each apartment has separate gas and electric utilities, private outdoor space, and access to off-street parking. Laundry hookups are available in the basement. Mechanical updates include three new hot water tanks in 2026, main-house furnaces less than 2 years old, and a new sump pump installed in 2025. The roof is approximately 12 years old. The property is located near Transit Road, with restaurants, shopping, pubs, entertainment, and everyday services nearby.
Each apartment has separate gas and electric utilities, private outdoor space, and access to off-street parking. Laundry hookups are available in the basement. Mechanical updates include three new hot water tanks in 2026, main-house furnaces less than 2 years old, and a new sump pump installed in 2025. The roof is approximately 12 years old. The property is located near Transit Road, with restaurants, shopping, pubs, entertainment, and everyday services nearby.
Key Highlights
- Three‑unit layout with two 2‑bedroom apartments in the main house and a detached rear cottage
- Detached cottage completed a full gut renovation and includes a new mini‑split heating and A/C system
- Three new hot water tanks installed in 2026; main‑house furnaces are less than 2 years old
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
$15,791
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
4.27%
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%
$315,820
$315.8K
Cap Rate 7%
$225,586
$225.6K
Cap Rate 9%
$175,456
$175.5K
Market Conditions
NOI Build-Up for 2,456 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
$33.9K $13.80/SF
− Vacancy
−$11.3K −$4.61/SF
EGI
$22.6K $9.19/SF
− OpEx
−$6.8K −$2.76/SF
NOI
$15.8K $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 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%
$315,820
Cap Rate 7%
$225,586
Cap Rate 9%
$175,456
Alternative Uses
Best Use
Multifamily LT 5
$225.6K
$197.4K – $263.2K
NOI $15,791 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$202.6K
$177.3K – $236.3K
NOI $14,180 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$536.9K
$469.8K – $626.4K
NOI $37,583 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-unit property with renovated interiors, separate utilities, private outdoor areas, and off-street parking.
Where is this triplex located?
The property is located at 68 Tyler Street Lancaster, NY.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom apartments in the main house and a detached rear cottage; Detached cottage completed a full gut renovation and includes a new mini‑split heating and A/C system; Three new hot water tanks installed in 2026; main‑house furnaces are less than 2 years old
