Maintained Duplex with Oversized
For Sale
$349,900
7 Jeffrey Drive, Depew, NY 14043
Legal two-unit property currently configured for single-family use with updated interiors and extensive outdoor improvements.
Property Size2,040 SF
Days on Market18
Property Features for 7 Jeffrey Drive
General Information
Standard status
Active
Size
2,040 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,710
Amenities
professionally landscaped gardens
central air
whole-house generator
tankless hot water
steel pergola
hot tub
fully fenced yard
Building Details
Building Size
2,040 SF
Year Built
1970
Buildings
1
Stories
2
Units
2
Listing Agency:
Howard Hanna WNY Inc.
(716) 957-0656
Listed By:
Alexis Erway
(716) 957-0656
Source:
Homeprocny
Added: Aug 3
Changed: Aug 12
Last Checked: Aug 19 at 2:09PM
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.
This legal duplex at 7 Jeffrey Drive is currently arranged for single-family living and includes 4 bedrooms, 2 full baths, and an oversized 2-car garage. The 1970 property features a remodeled kitchen with cherry cabinetry, granite countertops, stainless steel appliances, and a dedicated dining area. Additional interior features include spacious living areas, triple-pane argon gas windows, custom window treatments, and substantial storage.
The fully fenced backyard extends the usable living area with landscaped grounds, decorative concrete curbing, a steel pergola, a hot tub, and outdoor entertaining space. Property improvements also include a newer concrete driveway and a maintenance-free exterior. Central air, a whole-house generator, tankless hot water, and annual servicing of the furnaces, central air units, generator, and tankless water heater complete the property’s mechanical package.
The fully fenced backyard extends the usable living area with landscaped grounds, decorative concrete curbing, a steel pergola, a hot tub, and outdoor entertaining space. Property improvements also include a newer concrete driveway and a maintenance-free exterior. Central air, a whole-house generator, tankless hot water, and annual servicing of the furnaces, central air units, generator, and tankless water heater complete the property’s mechanical package.
Key Highlights
- Legal duplex currently configured as a single‑family residence
- 4 bedrooms and 2 full baths
- Oversized 2‑car garage with newer concrete driveway
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
$13,117
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
3.75%
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%
$262,340
$262.3K
Cap Rate 7%
$187,386
$187.4K
Cap Rate 9%
$145,744
$145.7K
Market Conditions
NOI Build-Up for 2,040 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
$28.2K $13.80/SF
− Vacancy
−$9.4K −$4.61/SF
EGI
$18.7K $9.19/SF
− OpEx
−$5.6K −$2.76/SF
NOI
$13.1K $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%
$262,340
Cap Rate 7%
$187,386
Cap Rate 9%
$145,744
Alternative Uses
Best Use
Multifamily LT 5
$187.4K
$164.0K – $218.6K
NOI $13,117 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$168.3K
$147.2K – $196.3K
NOI $11,778 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$446.0K
$390.2K – $520.3K
NOI $31,217 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
363
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-unit property currently configured for single-family use with updated interiors and extensive outdoor improvements.
Where is this duplex located?
The property is located at 7 Jeffrey Drive Depew, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Legal duplex currently configured as a single‑family residence; 4 bedrooms and 2 full baths; Oversized 2‑car garage with newer concrete driveway
