Two-Unit Duplex with
For Sale
$199,900
86 Modern Avenue, Lackawanna, NY 14218
Two residential units each include bedrooms, a full bathroom, and a dedicated laundry room.
Property Size1,784 SF
Lot Size0.08 Acres
Price / SF$112.05
Days on Market56
Property Features for 86 Modern Avenue
General Information
Standard status
Active
Size
1,784 SF
Lot size
0.08 Acres
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,370
Amenities
laundry room
balcony
fenced backyard
Building Details
Building Size
1,784 SF
Year Built
1900
Buildings
1
Stories
2
Units
2
Listing Agency:
Howard Hanna WNY Inc.
(716) 617-8330
Listed By:
Muhammad Ahsan
(716) 617-8330
Source:
Northstarwny
Added: Jun 26
Changed: Aug 18
Last Checked: Aug 19 at 2:35PM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
This owner-occupied duplex contains two residential units, each arranged with two bedrooms, one full bathroom, and a separate laundry room. The second-floor residence includes updated kitchen and bathroom finishes, while renovations to the first-floor kitchen and bathroom were completed in 2025. The property provides over 1,784 square feet of living space on a 3,510-square-foot lot.
Outdoor features include a second-floor balcony and a fully fenced backyard with a newly installed privacy fence. The home was built in 1900 and carries Residential 2 Unit zoning. The second-floor kitchen island is personal property and is excluded from the sale.
Outdoor features include a second-floor balcony and a fully fenced backyard with a newly installed privacy fence. The home was built in 1900 and carries Residential 2 Unit zoning. The second-floor kitchen island is personal property and is excluded from the sale.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each residence
- Over 1,784 sq. ft. of living space on a 3,510 sq. ft. lot
- First‑floor kitchen and bathroom renovated in 2025
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
$17,702
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
8.86%
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%
$354,040
$354.0K
Cap Rate 7%
$252,886
$252.9K
Cap Rate 9%
$196,689
$196.7K
Market Conditions
NOI Build-Up for 1,784 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
$26.8K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$25.3K $14.17/SF
− OpEx
−$7.6K −$4.25/SF
NOI
$17.7K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /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%
$354,040
Cap Rate 7%
$252,886
Cap Rate 9%
$196,689
Alternative Uses
Best Use
Multifamily LT 5
$252.9K
$221.3K – $295.0K
NOI $17,702 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$232.9K
$203.8K – $271.8K
NOI $16,305 @ 7.0% cap · market cap 8.16%
Theoretical Best
Office A
$429.0K
$375.4K – $500.5K
NOI $30,031 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
247
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?
Duplex - Two residential units each include bedrooms, a full bathroom, and a dedicated laundry room.
Where is this duplex located?
The property is located at 86 Modern Avenue Lackawanna, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each residence; Over 1,784 sq. ft. of living space on a 3,510 sq. ft. lot; First‑floor kitchen and bathroom renovated in 2025
