Updated Triplex with Double
New
For Sale
$249,900
78 Center Street, Lackawanna, NY 14218
Three-unit property with one vacant upper apartment and two occupied units.
Property Size2,444 SF
Days on Market3
Property Features for 78 Center Street
General Information
Standard status
Active
Size
2,444 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,733
Building Details
Building Size
2,444 SF
Year Built
1920
Listing Agency:
WNY Metro Roberts Realty
Listed By:
Jennifer E Hubert · License #40HU0952337
(716) 866-3536
Source:
Highfallssir
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 9:35PM
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 1920, this three-unit property includes an upper apartment, a lower apartment, and a separate rear two-story unit. The upper unit is vacant and includes a large eat-in kitchen, attic access, some newer windows, and a furnace approximately 3 years old. The lower apartment has a formal dining room, large living room, eat-in kitchen, all-new flooring, and a boiler approximately 3 years old. The rear unit offers an oversized bedroom, kitchen, and dining room, with a furnace approximately 6 years old.
Recent improvements include newer roofs on the house and garage in 2025/2026, hot water tanks installed in 2020, 2021 and 2025, a concrete driveway, and maintenance-free vinyl siding. The property also has front and side porches, a clean, dry basement with glass block windows, and three additional off-street parking spaces. Located at 78 Center Street in Lackawanna, NY, the property occupies a spacious double lot. The lower unit is occupied month-to-month, while the rear unit’s lease ends October 1, 2026.
Recent improvements include newer roofs on the house and garage in 2025/2026, hot water tanks installed in 2020, 2021 and 2025, a concrete driveway, and maintenance-free vinyl siding. The property also has front and side porches, a clean, dry basement with glass block windows, and three additional off-street parking spaces. Located at 78 Center Street in Lackawanna, NY, the property occupies a spacious double lot. The lower unit is occupied month-to-month, while the rear unit’s lease ends October 1, 2026.
Key Highlights
- Three‑unit property built in 1920 on a spacious double lot
- Upper unit is vacant; lower unit is occupied month‑to‑month
- Rear unit lease ends October 1, 2026
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
$22,337
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
8.94%
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%
$446,740
$446.7K
Cap Rate 7%
$319,100
$319.1K
Cap Rate 9%
$248,189
$248.2K
Market Conditions
NOI Build-Up for 2,444 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
$42.5K $17.40/SF
− Vacancy
−$1.9K −$0.78/SF
EGI
$40.6K $16.62/SF
− OpEx
−$18.3K −$7.48/SF
NOI
$22.3K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /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%
$446,740
Cap Rate 7%
$319,100
Cap Rate 9%
$248,189
Alternative Uses
Best Use
Multifamily LT 5
$346.4K
$303.1K – $404.2K
NOI $24,251 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$319.1K
$279.2K – $372.3K
NOI $22,337 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$587.7K
$514.3K – $685.7K
NOI $41,141 @ 7.0% cap · market cap 16.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
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 one vacant upper apartment and two occupied units.
Where is this triplex located?
The property is located at 78 Center Street Lackawanna, 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: Three‑unit property built in 1920 on a spacious double lot; Upper unit is vacant; lower unit is occupied month‑to‑month; Rear unit lease ends October 1, 2026
