Building Details

Building Size 2,240 SF

Year Built 1995

Buildings 1

Listing Agency: Keller Williams Realty WNY

Listed By: Dana Fideli · License #10401268824 Show Phone

Source: Highfallssir

Added: Sep 21 Changed: Sep 26 Last Checked: Sep 26 at 1:58PM

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Investment Insights

Based on property information with market context.

This side-by-side duplex contains 2,240 square feet across two separate residences. One unit provides 3 bedrooms and 1.5 baths, while the other includes 2 bedrooms and 1.5 baths. Both feature bamboo flooring, open living and dining areas, updated kitchens and bathrooms, generous closet storage, and individual basements with laundry. One basement also has partially finished space. Each residence includes a washer, dryer, and kitchen appliances.

Separate utilities and individual water meters support distinct household operation. Property improvements include a roof installed in 2023, a backup-equipped sump pump added in 2023, a 2023 hot water tank in one unit, and a tankless hot water system in the other. One side received new A/C in 2024, while both units have central air. The exterior includes a large yard, shed, concrete patio, pergola, and completed drainage and regrading work. Built in 1995 and located at 850-852 Madison Avenue in Lewiston, NY.

Key Highlights

• 2,240‑square‑foot side‑by‑side duplex with 3‑bedroom and 2‑bedroom units
• Separate utilities and individual water meters for each unit
• Private basements with laundry; one includes partially finished space

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

$19,673

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

4.74%

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%

$393,460 $393.5K

Cap Rate 7%

$281,043 $281.0K

Cap Rate 9%

$218,589 $218.6K

Market Conditions

NOI Build-Up for 2,240 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

$30.1K $13.44/SF

− Vacancy

−$2.0K −$0.89/SF

EGI

$28.1K $12.55/SF

− OpEx

−$8.4K −$3.76/SF

NOI

$19.7K $8.78/SF

Area

Niagara County, NY

Vacancy

6.65%

Lease Rate

$13.44 /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%

$393,460

Cap Rate 7%

$281,043

Cap Rate 9%

$218,589

Alternative Uses

Best Use

Multifamily LT 5

$281.0K

$245.9K – $327.9K (±1% cap)

NOI $19,673 @ 7.0% cap · market cap 4.74%

Second Best

Apartment 5plus

$249.4K

$218.3K – $291.0K (±1% cap)

NOI $17,461 @ 7.0% cap · market cap 4.21%

Theoretical Best

Warehouse

$1.90M

$1.67M – $2.22M (±1% cap)

NOI $133,232 @ 7.0% cap · market cap 32.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Dental Office Law Firm Restaurant Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Explore this area Business Placement

Demographics for 14092, NY

11,030

Population

5,241

Households

2.1

Avg Household Size

51

Median Age

40%

College-Educated

95%

High-School Grad

21.2 sq mi

ZIP Area

520

Density / Sq Mi

$67,835

Median Household Income

$48,315

Median Earnings

$979

Median Rent

$246,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two separately metered units offer flexible owner-occupancy or rental use with private basements and central air.

Where is this duplex located?

The property is located at 850-852 Madison Avenue Lewiston, NY.

What is the asking price?

The asking price for this property is $415,000.

What are key features of this property?

This property features: 2,240‑square‑foot side‑by‑side duplex with 3‑bedroom and 2‑bedroom units; Separate utilities and individual water meters for each unit; Private basements with laundry; one includes partially finished space