Triplex with Remodeled
For Sale
$349,900
71 Saint John St, Lancaster, NY 14086
Three-unit property with separate utilities, in-unit laundry, and a full dry basement.
Property Size5,157 SF
Days on Market115
Property Features for 71 Saint John St
General Information
Standard status
Active
Size
5,157 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 4BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$9,065
Building Details
Building Size
5,157 SF
Year Built
1940
Units
3
Listing Agency:
(716) 671-3344
Listed By:
Carol Klein
(716) 671-3344
Source:
Elliman
Added: May 9
Changed: Aug 30
Last Checked: Aug 30 at 4:45PM
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 Carol Klein
Investment Insights
Based on property information with market context.
This 1940-built triplex contains over 5,000 sq ft across three apartments. The first unit is vacant and has been comprehensively updated with an open kitchen and living arrangement, three bedrooms, one full bath, new flooring, replacement windows, and upgraded plumbing and electrical systems. The second apartment includes four bedrooms, one full bath, vaulted wood ceilings, and access to a private rooftop area. The third offers one bedroom and one bath. Units 1 and 2 have in-unit laundry, while each apartment has separate utilities. Units 2 and 3 feature tongue-and-groove pine finishes and are occupied by long-term tenants.
A full dry basement provides storage and workspace, with a garage door and ramp access. The property also includes an unfinished 24' x 36' area that may support future expansion or conversion into a fourth unit. Roof work includes a 40-year roof on the front section, a rear upper section replaced in 2018, and a small flat roof area replaced in 2024. The blacktop driveway was replaced in 2022. Located in the Village of Lancaster within the Lancaster School District, the property has no rear neighbors and is near village shops and restaurants.
A full dry basement provides storage and workspace, with a garage door and ramp access. The property also includes an unfinished 24' x 36' area that may support future expansion or conversion into a fourth unit. Roof work includes a 40-year roof on the front section, a rear upper section replaced in 2018, and a small flat roof area replaced in 2024. The blacktop driveway was replaced in 2022. Located in the Village of Lancaster within the Lancaster School District, the property has no rear neighbors and is near village shops and restaurants.
Key Highlights
- Three‑unit property with over 5,000 sq ft of living space
- Unit mix includes 3 bedrooms, 4 bedrooms, and 1 bedroom
- Separate utilities for each apartment; Units 1 and 2 include in‑unit laundry
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
$29,775
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
8.51%
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%
$595,500
$595.5K
Cap Rate 7%
$425,357
$425.4K
Cap Rate 9%
$330,833
$330.8K
Market Conditions
NOI Build-Up for 5,157 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
$83.5K $16.20/SF
− Vacancy
−$29.4K −$5.70/SF
EGI
$54.1K $10.50/SF
− OpEx
−$24.4K −$4.72/SF
NOI
$29.8K $5.77/SF
Area
Erie County, NY
Vacancy
35.20%
Lease Rate
$16.20 /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%
$595,500
Cap Rate 7%
$425,357
Cap Rate 9%
$330,833
Alternative Uses
Best Use
Multifamily LT 5
$473.7K
$414.5K – $552.6K
NOI $33,158 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$425.4K
$372.2K – $496.3K
NOI $29,775 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$1.13M
$986.4K – $1.32M
NOI $78,914 @ 7.0% cap · market cap 22.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 14086, NY
35,010
Population
15,486
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
1,051
Density / Sq Mi
$95,949
Median Household Income
$53,164
Median Earnings
$983
Median Rent
$263,600
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?
Triplex - Three-unit property with separate utilities, in-unit laundry, and a full dry basement.
Where is this triplex located?
The property is located at 71 Saint John St Lancaster, 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: Three‑unit property with over 5,000 sq ft of living space; Unit mix includes 3 bedrooms, 4 bedrooms, and 1 bedroom; Separate utilities for each apartment; Units 1 and 2 include in‑unit laundry
