Four-Unit Apartment
New
For Sale
$399,900
94 Cleveland Ave, Tonawanda, NY 14150
Four apartments offer two bedrooms each, with garage parking, storage, and tenant laundry hookups.
Property Size4,946 SF
Days on Market3
Property Features for 94 Cleveland Ave
General Information
Standard status
Active
Size
4,946 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,101
Amenities
washer and dryer hookups
private storage room
enclosed front porch
enclosed back porch
Building Details
Building Size
4,946 SF
Year Built
1932
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
WNYbyOwner.com
Listed By:
Robyn Sansone · License #10491209960
(716) 523-8508
Source:
Elliman
Added: Sep 2
Last Checked: Sep 2 at 2:08PM
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 WNYbyOwner.com
Investment Insights
Based on property information with market context.
This 1932 quadplex contains four two-bedroom apartments within approximately 4,946 square feet. The building includes a three-car garage, off-street parking, enclosed front and rear porches, and a vinyl exterior. Some units have updated paint and carpeting installed within the past five years, while the property also has a combination of newer vinyl replacement windows and storm windows.
Each apartment has basement washer and dryer hookups plus a private storage room. Gas and electric utilities are separately metered for the apartments, with the owner responsible for water and sewer. The electrical system includes an updated panel with circuit breakers. The property is located at 94 Cleveland Ave in the City of Tonawanda, with a Walk Score of 69 and Bike Score of 66.
Each apartment has basement washer and dryer hookups plus a private storage room. Gas and electric utilities are separately metered for the apartments, with the owner responsible for water and sewer. The electrical system includes an updated panel with circuit breakers. The property is located at 94 Cleveland Ave in the City of Tonawanda, with a Walk Score of 69 and Bike Score of 66.
Key Highlights
- Four 2‑bedroom apartments in a quadplex configuration
- 4,946 square feet on a property built in 1932
- 3‑car garage plus off‑street parking
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
$31,801
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
7.95%
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%
$636,020
$636.0K
Cap Rate 7%
$454,300
$454.3K
Cap Rate 9%
$353,344
$353.3K
Market Conditions
NOI Build-Up for 4,946 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
$68.3K $13.80/SF
− Vacancy
−$22.8K −$4.61/SF
EGI
$45.4K $9.19/SF
− OpEx
−$13.6K −$2.76/SF
NOI
$31.8K $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%
$636,020
Cap Rate 7%
$454,300
Cap Rate 9%
$353,344
Alternative Uses
Best Use
Multifamily LT 5
$454.3K
$397.5K – $530.0K
NOI $31,801 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$408.0K
$357.0K – $476.0K
NOI $28,557 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$1.08M
$946.1K – $1.26M
NOI $75,686 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 14150, NY
41,161
Population
20,152
Households
2
Avg Household Size
43
Median Age
32%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
2,762
Density / Sq Mi
$70,294
Median Household Income
$46,867
Median Earnings
$1,094
Median Rent
$181,900
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?
Quadplex - Four apartments offer two bedrooms each, with garage parking, storage, and tenant laundry hookups.
Where is this quadplex located?
The property is located at 94 Cleveland Ave Tonawanda, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four 2‑bedroom apartments in a quadplex configuration; 4,946 square feet on a property built in 1932; 3‑car garage plus off‑street parking
