Four-Unit Apartment
New
For Sale
$399,900
94 Cleveland Avenue, Tonawanda, NY 14150
Residential, Tonawanda, NY
Property Size4,946 SF
Lot Size0.14 Acres
Price / SF$80.85
Days on Market1
Property Features for 94 Cleveland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Basement, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Tonawanda City
Middle school district
Tonawanda City
High school district
Tonawanda City
Subdivision
Tonawanda-City-141600
Standard status
Active
APN
141600-039-480-0002-007-000
Size
4,946 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
8101
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
washer/dryer hookups in basement
private storage room
enclosed front & back porch
Building Details
Year built
1932
Floors in Building
3
Number of units
3
Flooring type
Varies, Carpet, Vinyl
Building materials
VinylSiding
Roof type
Asphalt
Listing Agency:
WNYbyOwner.com
(716) 523-8508
Listed By:
Robyn Sansone · License #10491209960
(716) 523-8508
Added: Sep 1
Last Checked: Sep 1 at 9:06PM
MLS# B1711353
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located in Tonawanda, NY, this 4,946-square-foot residential income property contains four two-bedroom apartments within a building constructed in 1932. The units are supported by a three-car garage, off-street parking, enclosed front and rear porches, and basement areas that provide private storage rooms and washer and dryer hookups. Vinyl siding, asphalt roofing, public water, forced-air natural gas heat, and a combination of vinyl replacement and storm windows contribute to the physical configuration. Flooring includes carpet and vinyl, with some apartment interiors refreshed and carpeting added within the past five years.
Gas and electric service are separately metered for the apartments, while water and sewer remain owner responsibilities. Updated electrical panels with circuit breakers are in place. The property occupies 0.1377 acres at 94 Cleveland Avenue in the City of Tonawanda, Erie County, with four bathrooms serving the residential layout.
Gas and electric service are separately metered for the apartments, while water and sewer remain owner responsibilities. Updated electrical panels with circuit breakers are in place. The property occupies 0.1377 acres at 94 Cleveland Avenue in the City of Tonawanda, Erie County, with four bathrooms serving the residential layout.
Key Highlights
- Four 2‑bedroom apartments in a 4,946‑square‑foot residential property
- 0.1377‑acre parcel at 94 Cleveland Avenue, Tonawanda, NY 14150
- Three‑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
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 - Income-producing residential property with garage parking, separate tenant utilities, basement storage, and laundry hookups.
Where is this quadplex located?
The property is located at 94 Cleveland Avenue 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 4,946‑square‑foot residential property; 0.1377‑acre parcel at 94 Cleveland Avenue, Tonawanda, NY 14150; Three‑car garage plus off‑street parking
