Sunset Bay Corner
For Sale
$499,900
954 Charles Street, Irving, NY 14081
Rare bay-corner duplex near marina, restaurants, and beach.
Property Size1,960 SF
Days on Market99
Property Features for 954 Charles Street
General Information
Standard status
Active
Size
1,960 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$4,504
Building Details
Building Size
1,960 SF
Year Built
1950
Stories
1
Units
2
Listing Agency:
Howard Hanna Holt - Fredonia
(716) 868-4000
Listed By:
Brittany Cerrie · License #10401351451
(716) 868-4000
Source:
Wcirealty
Added: May 20
Changed: Aug 25
Last Checked: Aug 25 at 8:45AM
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.
This rare bay-corner duplex is located in Sunset Bay, steps from the marina, boat launch, beachfront restaurants, and sandy beach. It is suitable as a year-round retreat, summer compound, or income property. Each unit features 3 furnished bedrooms, a spacious living room, and a large eat-in kitchen. Side A has 1.5 baths, while Side B includes a first-floor bedroom and 2 full baths. A large two-level covered back deck spans the width of the building, suitable for outdoor entertaining or guest relaxation. Common amenities include a coin-operated washer/dryer, separate electric boxes, hot water tanks, and boilers in the common entry. Each unit has driveway/off-street parking, and the property features a partially fenced corner lot. The oversized detached garage, approximately 23' x 33' with ~12' clearance from floor to rafters, provides storage space for a boat, cars, and beach gear. Recent updates include a metal roof on both the house and garage and nearly all replacement windows. The property is a short walk to the marina, state marine park, and waterfront dining, making it ideal for personal waterfront enjoyment and rental income. The property is located in one of Chautauqua County’s most popular vacation neighborhoods.
Key Highlights
- Only duplex in Sunset Bay, offering a unique investment opportunity.
- Two turnkey units, each with 3 furnished bedrooms, providing immediate rental income potential.
- Oversized, boat‑ready garage** (approx. 23' x 33' with ~12' clearance) for exceptional storage.
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Rare bay-corner duplex near marina, restaurants, and beach.
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: Only duplex in Sunset Bay, offering a unique investment opportunity.; Two turnkey units, each with **3 furnished bedrooms**, providing immediate rental income potential.; Oversized, boat‑ready garage** (approx. 23' x 33' with ~12' clearance) for exceptional storage.
