Two-Unit Duplex with Detached
For Sale
$249,900
84 Woodward Avenue, Tonawanda, NY 14217
Separate apartments include a vacant lower level and an occupied upper level.
Property Size1,975 SF
Days on Market48
Property Features for 84 Woodward Avenue
General Information
Standard status
Active
Size
1,975 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,595
Amenities
detached garage
Building Details
Building Size
1,975 SF
Year Built
1932
Buildings
1
Stories
2
Units
2
Listing Agency:
HUNT Real Estate ERA
(716) 417-4755
Listed By:
Enas L Latif · License #10301216105
(716) 417-4755
Source:
Wcirealty
Added: Jul 8
Changed: Aug 17
Last Checked: Aug 24 at 1:05PM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
Built in 1932, this duplex contains two 2-bedroom, 1-bathroom apartments. The lower residence is vacant and has refinished, stained hardwood flooring, while the upper residence is occupied. The layout supports continued two-unit use with flexibility between tenancy and personal occupancy.
Building systems include newer furnaces and hot water tanks, along with updated electrical service. A detached garage adds storage and off-street parking capacity. The property is located at 84 Woodward Avenue in Tonawanda, NY 14217.
Building systems include newer furnaces and hot water tanks, along with updated electrical service. A detached garage adds storage and off-street parking capacity. The property is located at 84 Woodward Avenue in Tonawanda, NY 14217.
Key Highlights
- Two 2‑bedroom, 1‑bathroom apartments
- Vacant lower unit with refinished, stained hardwood floors
- Upper unit is currently occupied
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
$12,699
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
5.08%
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%
$253,980
$254.0K
Cap Rate 7%
$181,414
$181.4K
Cap Rate 9%
$141,100
$141.1K
Market Conditions
NOI Build-Up for 1,975 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
$27.3K $13.80/SF
− Vacancy
−$9.1K −$4.61/SF
EGI
$18.1K $9.19/SF
− OpEx
−$5.4K −$2.76/SF
NOI
$12.7K $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%
$253,980
Cap Rate 7%
$181,414
Cap Rate 9%
$141,100
Alternative Uses
Best Use
Multifamily LT 5
$181.4K
$158.7K – $211.7K
NOI $12,699 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$162.9K
$142.5K – $190.1K
NOI $11,403 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$431.7K
$377.8K – $503.7K
NOI $30,222 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 14217, NY
23,085
Population
11,280
Households
2
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
7,214
Density / Sq Mi
$72,205
Median Household Income
$51,075
Median Earnings
$970
Median Rent
$193,200
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 - Separate apartments include a vacant lower level and an occupied upper level.
Where is this duplex located?
The property is located at 84 Woodward Avenue Tonawanda, 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 2‑bedroom, 1‑bathroom apartments; Vacant lower unit with refinished, stained hardwood floors; Upper unit is currently occupied
