Duplex with Detached
New
For Sale
$199,900
87 Dorrance Ave, Lackawanna, NY 14218
Two-family configuration on a corner parcel with separate living areas and flexible occupancy options.
Property Size1,880 SF
Price / SF$106.33
Days on Market4
Property Features for 87 Dorrance Ave
General Information
Standard status
Active
Size
1,880 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,265
Building Details
Building Size
1,880 SF
Year Built
1900
Buildings
1
Stories
2
Units
2
Listing Agency:
HUNT Real Estate Corporation
(716) 512-3425
Listed By:
Brian Hillery · License #10301221944
(716) 512-3425
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 16 at 6:27AM
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 Corporation
Investment Insights
Based on property information with market context.
Built in 1900, this 1,880-square-foot residence is configured as a two-family property and identified as such in the tax records. The first level includes a kitchen with oak cabinetry and granite counters, a large bedroom, full bathroom with dual sinks, and an expansive living room. Upstairs are two bedrooms, a full bathroom, kitchen, and living room. Walk-up attic access provides additional unfinished space. The property also includes a detached two-car garage, shed, and Generac generator. A Dunkirk boiler, newer hot water tank, circuit breakers, automatic transfer switch, and garage electrical subpanel are in place. Situated at the corner of Dorrance Avenue and Maple Avenue, with the driveway accessed from Maple, the property may accommodate an owner occupant, two households, or a single-family layout.
Key Highlights
- 1,880‑square‑foot two‑family residence built in 1900
- Two bedrooms and full living areas on the second floor
- Detached two‑car garage, shed, and Generac generator
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
$17,182
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
8.60%
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%
$343,640
$343.6K
Cap Rate 7%
$245,457
$245.5K
Cap Rate 9%
$190,911
$190.9K
Market Conditions
NOI Build-Up for 1,880 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
$32.7K $17.40/SF
− Vacancy
−$1.5K −$0.78/SF
EGI
$31.2K $16.62/SF
− OpEx
−$14.1K −$7.48/SF
NOI
$17.2K $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%
$343,640
Cap Rate 7%
$245,457
Cap Rate 9%
$190,911
Alternative Uses
Best Use
Multifamily LT 5
$266.5K
$233.2K – $310.9K
NOI $18,654 @ 7.0% cap · market cap 9.33%
Second Best
Apartment 5plus
$245.5K
$214.8K – $286.4K
NOI $17,182 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$452.1K
$395.6K – $527.5K
NOI $31,647 @ 7.0% cap · market cap 15.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
534
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-family configuration on a corner parcel with separate living areas and flexible occupancy options.
Where is this duplex located?
The property is located at 87 Dorrance Ave 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: 1,880‑square‑foot two‑family residence built in 1900; Two bedrooms and full living areas on the second floor; Detached two‑car garage, shed, and Generac generator
