2-Unit Duplex with Detached
New
For Sale
$499,900
954 Charles St, Irving, NY 14081
Each furnished residence has three bedrooms, with a shared covered deck and separate off-street parking for both units.
Property Size1,960 SF
Price / SF$255.05
Days on Market3
Property Features for 954 Charles St
General Information
Standard status
Active
Size
1,960 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
coin-op laundry
covered deck
detached garage
fenced yard
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Howard Hanna Holt - Fredonia
Listed By:
Brittany Cerrie · License #10401351451
(716) 868-4000
Source:
Skinnercnyrealty
Added: Sep 24
Last Checked: Sep 26 at 9:54AM
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 Holt - Fredonia
Investment Insights
Based on property information with market context.
Built in 1950, this 1,960-square-foot duplex contains two furnished residences, each with three bedrooms, a living room, and an eat-in kitchen. Side A has 1.5 baths; Side B includes a first-floor bedroom and two full baths. Both units use a broad, two-level covered deck at the rear. A detached garage provides substantial storage, and recent work includes a metal roof on the house and garage and replacement of nearly all windows.
The property occupies a partially fenced corner lot in Sunset Bay, with a short walk to the marina, boat launch, state marine park, waterfront dining, and beach. Each unit has its own off-street parking. Shared facilities in the entry include coin-operated laundry, separate electric boxes, hot water tanks, and boilers.
The property occupies a partially fenced corner lot in Sunset Bay, with a short walk to the marina, boat launch, state marine park, waterfront dining, and beach. Each unit has its own off-street parking. Shared facilities in the entry include coin-operated laundry, separate electric boxes, hot water tanks, and boilers.
Key Highlights
- Two furnished units, each with 3 bedrooms
- Side A has 1.5 baths; Side B has a first‑floor bedroom and 2 full baths
- Detached garage measures approx. 23' x 33' with ~12' clearance from floor to rafters
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
$16,218
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
3.24%
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%
$324,360
$324.4K
Cap Rate 7%
$231,686
$231.7K
Cap Rate 9%
$180,200
$180.2K
Market Conditions
NOI Build-Up for 1,960 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
$26.5K $13.50/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$23.2K $11.82/SF
− OpEx
−$7.0K −$3.55/SF
NOI
$16.2K $8.27/SF
Area
Chautauqua County, NY
Vacancy
12.44%
Lease Rate
$13.50 /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%
$324,360
Cap Rate 7%
$231,686
Cap Rate 9%
$180,200
Alternative Uses
Best Use
Multifamily LT 5
$231.7K
$202.7K – $270.3K
NOI $16,218 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$212.0K
$185.5K – $247.3K
NOI $14,839 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$586.7K
$513.3K – $684.4K
NOI $41,066 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 14081, NY
2,983
Population
1,470
Households
2
Avg Household Size
45
Median Age
25%
College-Educated
90%
High-School Grad
32.0 sq mi
ZIP Area
93
Density / Sq Mi
$63,672
Median Household Income
$40,734
Median Earnings
$888
Median Rent
$126,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Each furnished residence has three bedrooms, with a shared covered deck and separate off-street parking for both units.
Where is this duplex located?
The property is located at 954 Charles St Irving, NY.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two furnished units, each with 3 bedrooms; Side A has 1.5 baths; Side B has a first‑floor bedroom and 2 full baths; Detached garage measures approx. 23' x 33' with ~12' clearance from floor to rafters
