Duplex with Oversized Boat-Ready
For Sale
$499,900
954 Charles Street, Irving, NY 14081
MULTI_FAMILY - Irving, NY
Property Size1,960 SF
Lot Size0.21 Acres
Price / SF$255.05
Days on Market93
Property Features for 954 Charles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Patio and Porch features
Porch
Exterior features
Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Burmaster Sub
Lot features
Corner Lot, Flood Zone, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Silver Creek
Middle school district
Silver Creek
High school district
Silver Creek
Directions
From Rt 20 head into Sunset Bay down Allegheny St. Turn left down Charles, house is the corner unit, one driveway on each side of the property for each unit.
Standard status
Active
APN
064689-032-008-0003-035-000
Size
1,960 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
4504
Utilities
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Water source
Public
Amenities
coin-op washer/dryer
two-level covered back deck
partially fenced corner lot
oversized detached garage
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile, Carpet, Varies
Building materials
AluminumSiding, VinylSiding
Roof type
Metal
Listing Agency:
Howard Hanna Holt - Fredonia
(716) 673-1800
Listed By:
Brittany Cerrie · License #10401351451
(716) 868-4000
Added: May 20
Changed: Aug 4
Last Checked: Aug 20 at 2:06AM
MLS# R1682579
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.
This duplex offers a rare, corner-style two-unit layout with turn-key interiors on both sides. Each unit includes three furnished bedrooms, a spacious living room, and a large eat-in kitchen. The shared outdoor space is a large two-level covered back deck spanning the width of the building. Common-area conveniences include a coin-op washer/dryer, separate electric boxes, and hot water tanks and boilers at the common entry.
Outside, the property includes a partially fenced corner lot and a porch. The standout amenity is an oversized detached garage, approximately 23' x 33' with about 12' clearance from floor to rafters, sized for boats, cars, and beach gear. Recent updates include a metal roof on both the house and garage and nearly all replacement windows.
The home is served by public water and uses natural gas with hot water (heating) and baseboard heating. Built in 1950, it also features gas water heating and a combination of aluminum siding and vinyl siding.
Outside, the property includes a partially fenced corner lot and a porch. The standout amenity is an oversized detached garage, approximately 23' x 33' with about 12' clearance from floor to rafters, sized for boats, cars, and beach gear. Recent updates include a metal roof on both the house and garage and nearly all replacement windows.
The home is served by public water and uses natural gas with hot water (heating) and baseboard heating. Built in 1950, it also features gas water heating and a combination of aluminum siding and vinyl siding.
Key Highlights
- Oversized detached garage approx. 23' x 33' with ~12' clearance from floor to rafters
- Large two‑level covered back deck spans the width of the duplex
- Two turn‑key units, each with three furnished bedrooms, living room, and eat‑in kitchen
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
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
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 - Turn-key two-unit duplex with a fenced corner lot, two-level covered deck, and an oversized detached garage built for boats and cars.
Where is this duplex located?
The property is located at 954 Charles Street 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: Oversized detached garage approx. 23' x 33' with ~12' clearance from floor to rafters; Large two‑level covered back deck spans the width of the duplex; Two turn‑key units, each with three furnished bedrooms, living room, and eat‑in kitchen
