Two-Family Duplex With
New
For Sale
$249,900
75 Crane St, Lancaster, NY 14043
Two units include enclosed side porches, basement laundry, and separate gas and electric meters.
Property Size2,284 SF
Days on Market4
Property Features for 75 Crane St
General Information
Standard status
Active
Size
2,284 SF
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,774
Amenities
laundry in basement
enclosed porches
Building Details
Building Size
2,284 SF
Year Built
1897
Stories
2
Units
2
Listing Agency:
(716) 913-2665
Listed By:
Peggy Margar L Reynolds
(716) 913-2665
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 5:39AM
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 Peggy Margar L Reynolds
Investment Insights
Based on property information with market context.
Built in 1897, this two-family duplex occupies a triple lot and includes an oversized 2.5-car garage with off-street parking. Each apartment has an enclosed side porch that adds storage and flexible utility, along with a stove and refrigerator sold in as-is condition. Updated windows, maintenance-free vinyl siding, and glass block basement windows are among the property improvements.
The basement provides laundry space, with the washer and dryer included in as-is condition. Gas and electric service are separately metered, although the separation may not be equal. The property is located at 75 Crane St in Lancaster, NY, with a Walk Score of 29 and a Bike Score of 52.
The basement provides laundry space, with the washer and dryer included in as-is condition. Gas and electric service are separately metered, although the separation may not be equal. The property is located at 75 Crane St in Lancaster, NY, with a Walk Score of 29 and a Bike Score of 52.
Key Highlights
- Two‑family duplex built in 1897 on a triple lot
- Oversized 2.5‑car garage and off‑street parking
- Enclosed side porch included with each apartment
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
$14,685
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
5.88%
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%
$293,700
$293.7K
Cap Rate 7%
$209,786
$209.8K
Cap Rate 9%
$163,167
$163.2K
Market Conditions
NOI Build-Up for 2,284 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
$31.5K $13.80/SF
− Vacancy
−$10.5K −$4.61/SF
EGI
$21.0K $9.19/SF
− OpEx
−$6.3K −$2.76/SF
NOI
$14.7K $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%
$293,700
Cap Rate 7%
$209,786
Cap Rate 9%
$163,167
Alternative Uses
Best Use
Multifamily LT 5
$209.8K
$183.6K – $244.8K
NOI $14,685 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$188.4K
$164.8K – $219.8K
NOI $13,187 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$499.3K
$436.9K – $582.5K
NOI $34,951 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
244
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 - Two units include enclosed side porches, basement laundry, and separate gas and electric meters.
Where is this duplex located?
The property is located at 75 Crane St Lancaster, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑family duplex built in 1897 on a triple lot; Oversized 2.5‑car garage and off‑street parking; Enclosed side porch included with each apartment
