Updated Duplex with Detached
For Sale
$264,900
91 Grant St, Lancaster, NY 14043
Well-maintained 2/2 duplex with central air, updated furnaces, a metal roof, and a two-car detached garage.
Property Size2,080 SF
Days on Market48
Property Features for 91 Grant St
General Information
Standard status
Active
Size
2,080 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,084
Building Details
Building Size
2,080 SF
Year Built
1946
Stories
2
Units
2
Listing Agency:
(716) 983-5430
Listed By:
Gary A Scherer
(716) 983-5430
Source:
Elliman
Added: Jul 9
Changed: Aug 7
Last Checked: Aug 24 at 6:50AM
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 Gary A Scherer
Investment Insights
Based on property information with market context.
This well-maintained 2/2 duplex has been updated throughout and is positioned for comfortable, low-maintenance living. The property features newer furnaces with central air conditioning and a metal roof estimated at about 13 years old. Outside, there is a two-car detached garage plus a park-like side yard.
The property is located at 91 Grant St in Lancaster, NY 14043. Walk and bike accessibility are noted as somewhat walkable and bikeable, with minimal transit indicated.
Overall, the combination of interior updates, central air, and roof age support a straightforward ownership experience for a residential income property.
The property is located at 91 Grant St in Lancaster, NY 14043. Walk and bike accessibility are noted as somewhat walkable and bikeable, with minimal transit indicated.
Overall, the combination of interior updates, central air, and roof age support a straightforward ownership experience for a residential income property.
Key Highlights
- Well‑maintained 2/2 duplex built in 1946
- Central air with newer furnaces
- 50‑year metal roof installed about 13 years ago
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
$13,374
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
5.05%
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%
$267,480
$267.5K
Cap Rate 7%
$191,057
$191.1K
Cap Rate 9%
$148,600
$148.6K
Market Conditions
NOI Build-Up for 2,080 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
$28.7K $13.80/SF
− Vacancy
−$9.6K −$4.61/SF
EGI
$19.1K $9.19/SF
− OpEx
−$5.7K −$2.76/SF
NOI
$13.4K $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%
$267,480
Cap Rate 7%
$191,057
Cap Rate 9%
$148,600
Alternative Uses
Best Use
Multifamily LT 5
$191.1K
$167.2K – $222.9K
NOI $13,374 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$171.6K
$150.1K – $200.2K
NOI $12,009 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$454.7K
$397.9K – $530.5K
NOI $31,829 @ 7.0% cap · market cap 12.02%
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
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
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 - Well-maintained 2/2 duplex with central air, updated furnaces, a metal roof, and a two-car detached garage.
Where is this duplex located?
The property is located at 91 Grant St Lancaster, NY.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: Well‑maintained 2/2 duplex built in 1946; Central air with newer furnaces; 50‑year metal roof installed about 13 years ago
