185 Pine St · Lockport, NY 14094

$299,900

8 bd · 0.0 ba · 7,114 sqft · MultiFamily public records · 157 Days on market

Built 1880 Good condition 0.25 ac lot Garage $42/sqft · 20% below area Est $532k · 44% under

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.9/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Ready for an investment opportunity? Eight units gleaming with potential, ready for a new owner. 185 Pine features six units, while 57 and 59 John St consist of a five-car garage with two units above. All properties back up to one another, creating an instant portfolio for the aspiring investor or seasoned conglomerate alike. Storage space is abundant with the five-car garage. Imagine secure space for all of your building materials. Increased profitability by renting out all the spaces? Perhaps. The options are nearly limitless. With some vacant units, the option to reside on premises is instantly accessible if desired.

Key facts

• Separate utilities
• Off street parking
• Eight units

Tags

• EIGHT UNITS
• FIVE CAR GARAGE
• STORAGE SPACE
• OFF STREET PARKING
• COIN OPERATED LAUNDRY
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1-bath units multifamily listed at $300k. Condition is rated good.
• This rent per unit is only 16% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Deal economics

• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $487/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.9% vs local median 3.0% in Lockport — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 589 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $152k; list at $300k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.61% ✓
• Cap rate: 21.87%
• Cash-on-cash: 55.64%
• DSCR: 3.48
• GRM: 3.2

CMA / ARV

• ARV (median comp): $531,652
• List price: $299,900
• Delta: -43.59%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
184 High St	0.11mi	7/4.0 (-1)	6,474 (-9%)	59mo	$185,000	$29	40
363 Davison Rd	1.36mi	8/4.0	5,883 (-17%)	7mo	$350,000	$59	18

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 54.8%
• Equity multiple: 3.44×
• Total profit: $204,949
• Equity at exit: $44,716

10-year hold

• IRR: 60.1%
• Equity multiple: 7.20×
• Total profit: $520,877
• Equity at exit: $25,930

Cash invested: $83,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $289,950 ($42/sqft)
• Median days on market: 70 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +78.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14094

• Rents YoY: 3.7%
• Active inventory: 589
• Price-to-rent: 25.6×

Monthly cashflow live

• Estimated rent: $7,820 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$586 /mo · $7,037/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,642
• Net cashflow: $3,894

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$7,824
Total (8 units)			$7,820

Break-even live

Break-even rent $2,891

Max offer price $299,900

Occupancy floor 45%

Sensitivity live

Price	-10% $4,063	-5% $3,979	+0% $3,894	+5% $3,809	+10% $3,724
Rent	-10% $3,276	-5% $3,585	+0% $3,894	+5% $4,203	+10% $4,511
Rate	-1.0pp $4,045	-0.5pp $3,970	base $3,894	+0.5pp $3,816	+1.0pp $3,737

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $74,975
• Closing costs: $8,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
172 High St Lockport, NY	1.0	1.0	700	$850	$1.21	86d	1	0.09mi
172 High St Apt B Lockport, NY	1.0	1.0	350	$730	$2.09	110d	1	0.09mi
67 Waterman St Lockport, NY	1.0	1.0	—	$750	—	99d	1	0.10mi
70 Harvey Ave Unit 5 Lockport, NY	1.0	1.0	—	$895	—	10d	1	0.11mi
42 Waterman St Lockport, NY	2.0	1.0	—	$950	—	99d	1	0.11mi
47 Waterman St Apt 2 Lockport, NY	1.0	1.0	700	$775	$1.11	10d	1	0.12mi
47 Waterman St Unit 3 Lockport, NY	2.0	1.0	1100	$1,150	$1.05	119d	1	0.12mi
35 South St Lockport, NY	2.0	1.0	—	$900	—	10d	1	0.23mi
271 Locust St Lockport, NY	1.0	1.0	—	$975	—	10d	1	0.29mi
83 South St Lockport, NY	2.0	1.0	—	$950	—	62d	1	0.30mi
321 Washburn St Unit 1 Lockport, NY	3.0	1.0	—	$1,150	—	63d	1	0.33mi
327 High St Lockport, NY	1.0–2.0	1.0–2.0	690	$1,920	$2.78	0d	1	0.37mi
189 West Ave Unit 1 Lockport, NY	2.0	1.0	—	$1,130	—	6d	1	0.56mi
11 Beattie Ave Lockport, NY	3.0	1.0	1230	$1,800	$1.46	82d	1	0.57mi
303 Beattie Ave Apt 1 Lockport, NY	1.0	1.0	—	$950	—	65d	1	0.86mi
309 Beattie Ave Unit 4 Lockport, NY	1.0	1.0	—	$995	—	99d	1	0.90mi
315 Beattie Ave Apt 2 Lockport, NY	1.0	1.0	—	$995	—	8d	1	0.90mi
315 Beattie Ave Unit 3 Lockport, NY	1.0	1.0	—	$995	—	99d	1	0.90mi
321 Beattie Ave Unit 3 Lockport, NY	2.0	1.0	—	$1,025	—	119d	1	0.93mi
480 South St Lockport, NY	2.0	1.0	960	$1,200	$1.25	0d	2	0.98mi
574 S Transit St Lockport, NY	1.0–2.0	1.0	850	$1,055	$1.24	87d	1	0.98mi
80 Charlotte St Unit 1 Lockport, NY	2.0	1.0	—	$975	—	97d	1	1.01mi
4 Mc Cue Ave Unit Upper Lockport, NY	3.0	1.0	960	$1,100	$1.15	62d	1	1.18mi
53 Dayton St Lockport, NY	3.0	1.0	930	$1,150	$1.24	107d	1	1.27mi
6 Tudor Ln Lockport, NY	2.0	1.0	850	$1,150	$1.35	0d	1	1.31mi
1 Tudor Ln Lockport, NY	1.0	1.0	750	$1,075	$1.43	0d	1	1.40mi

Property features AI

Finance

• Financial info: Owner pays water; rent includes waterOperating expenses include insurance and water/sewer
• HOA & community: Laundry facilities in the community

Exterior

• Parking: One garage space with garage door opener
• Utilities: Public water connectedSewer connected
• Home design: 3-story buildingResale property
• Construction: Vinyl sidingAsphalt roofExisting structure
• Exterior features: Covered porchGravel drivewayNear public transitRectangular lot (66 x 165)

Interior

• Flooring: Ceramic tileHardwoodLaminateVinylVaries
• Heating & cooling: Heat pumpWall units for coolingElectric and gas heatingBaseboard heatingWall furnace
• Interior features: Partial basementCeramic tile, hardwood, laminate, vinyl, and varied flooring throughoutAppliances negotiable
• Laundry & utility: Coin-operated laundry facilitiesElectric and gas water heaters (water heater on site)

Listing history 50 events

1. 2026-09-24
   days on market $299,900 Active 157 DOM
2. 2026-09-23
   days on market $299,900 Active 156 DOM
3. 2026-09-22
   days on market $299,900 Active 155 DOM
4. 2026-09-21
   days on market $299,900 Active 154 DOM
5. 2026-09-20
   days on market $299,900 Active 153 DOM
6. 2026-09-19
   days on market $299,900 Active 152 DOM
7. 2026-09-18
   days on market $299,900 Active 151 DOM
8. 2026-09-17
   days on market $299,900 Active 150 DOM
9. 2026-09-16
   days on market $299,900 Active 149 DOM
10. 2026-09-15
    days on market $299,900 Active 148 DOM
11. 2026-09-14
    days on market $299,900 Active 147 DOM
12. 2026-09-13
    days on market $299,900 Active 146 DOM
13. 2026-09-12
    days on market $299,900 Active 145 DOM
14. 2026-09-11
    days on market $299,900 Active 144 DOM
15. 2026-09-05
    days on market $299,900 Active 138 DOM
16. 2026-09-04
    days on market $299,900 Active 137 DOM
17. 2026-09-03
    days on market $299,900 Active 136 DOM
18. 2026-08-31
    days on market $299,900 Active 133 DOM
19. 2026-08-29
    days on market $299,900 Active 131 DOM
20. 2026-08-28
    days on market $299,900 Active 130 DOM
21. 2026-08-27
    days on market $299,900 Active 129 DOM
22. 2026-08-26
    days on market $299,900 Active 128 DOM
23. 2026-08-25
    days on market $299,900 Active 127 DOM
24. 2026-08-24
    days on market $299,900 Active 126 DOM
25. 2026-08-23
    days on market $299,900 Active 125 DOM
26. 2026-08-22
    days on market $299,900 Active 124 DOM
27. 2026-08-21
    days on market $299,900 Active 123 DOM
28. 2026-08-20
    days on market $299,900 Active 122 DOM
29. 2026-08-19
    days on market $299,900 Active 121 DOM
30. 2026-08-18
    days on market $299,900 Active 120 DOM
31. 2026-08-17
    days on market $299,900 Active 119 DOM
32. 2026-08-16
    days on market $299,900 Active 118 DOM
33. 2026-08-15
    days on market $299,900 Active 117 DOM
34. 2026-08-14
    days on market $299,900 Active 116 DOM
35. 2026-08-13
    days on market $299,900 Active 115 DOM
36. 2026-08-12
    days on market $299,900 Active 114 DOM
37. 2026-08-11
    days on market $299,900 Active 113 DOM
38. 2026-08-10
    days on market $299,900 Active 112 DOM
39. 2026-08-09
    days on market $299,900 Active 111 DOM
40. 2026-08-08
    days on market $299,900 Active 110 DOM
41. 2026-08-07
    days on market $299,900 Active 109 DOM
42. 2026-08-06
    days on market $299,900 Active 108 DOM
43. 2026-08-05
    days on market $299,900 Active 107 DOM
44. 2026-08-04
    days on market $299,900 Active 106 DOM
45. 2026-08-03
    days on market $299,900 Active 105 DOM
46. 2026-07-31
    days on market $299,900 Active 102 DOM
47. 2026-07-30
    days on market $299,900 Active 101 DOM
48. 2026-07-30
    days on market $299,900 Active 100 DOM
49. 2026-07-28
    days on market $299,900 Active 99 DOM
50. 2026-07-26
    days on market $299,900 Active 97 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $7,037 · $586/mo
• Projected year-2 tax: $7,037 · $586/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $93,840
• − Mortgage interest: −$16,799
• − Property taxes: −$7,037
• − Insurance: −$1,500
• − Repairs & maintenance: −$7,507
• − Management: −$7,507
• − Depreciation: −$8,724
• Taxable income: $44,765
• Est. tax owed @ 24.0%: −$10,744
• After-tax cash flow: $35,981/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab Est. rehab $35,570–$106,710 screening

This multi-family property is in good condition with minimal repairs needed. Painting the exterior and updating the interior can significantly increase its value.

Value-add opportunities

• Both Paint the exterior — Fresh paint can enhance the curb appeal and increase both resale and rental value. ↑
• Both Clean and maintain the HVAC system — A clean and well-maintained HVAC system can improve air quality and energy efficiency, attracting more tenants and buyers. ↑
• Both Landscaping improvements — Enhancing the landscaping can make the property more attractive and increase its value. ↑
• Both Update the interior paint and fixtures — Fresh paint and updated fixtures can make the interior more appealing and increase both resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 69/100

Zoned Schools

Elementary Regan Intermediate School B NY #663/2,108 Nat'l #5,891/41,679 High Lockport High School B+ NY #659/1,100 Nat'l #1,751/17,239

Schools (NCES district)

• District: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

B Composite livability gradescore 76/100

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

Amenities A+ Commute D+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 204,149 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 10% of renters

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Population outlook (Niagara County) Hauer SSP2

• Today (2025): 204,149 people
• By 2030: 197,900 · -3.1%
• By 2040: 182,239 · -10.7%
• By 2050: 165,198 · -19.1%
• By 2075: 129,416 · -36.6%
• By 2100: 96,222 · -52.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% Other Indo-European 1%

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Political lean MEDSL · Niagara

• 2024 margin: R (+14.9) · D 42.5% · R 57.5%
• 2008→2024 swing: -15.9pp toward R · 2008: 1.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+9.7 2016: R+19.0 2012: D+0.6 2008: D+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Property features AI

Finance

• Financial info: Owner pays water; rent includes waterOperating expenses include insurance and water/sewer
• HOA & community: Laundry facilities in the community

Exterior

• Parking: One garage space with garage door opener
• Utilities: Public water connectedSewer connected
• Home design: 3-story buildingResale property
• Construction: Vinyl sidingAsphalt roofExisting structure
• Exterior features: Covered porchGravel drivewayNear public transitRectangular lot (66 x 165)

Interior

• Flooring: Ceramic tileHardwoodLaminateVinylVaries
• Heating & cooling: Heat pumpWall units for coolingElectric and gas heatingBaseboard heatingWall furnace
• Interior features: Partial basementCeramic tile, hardwood, laminate, vinyl, and varied flooring throughoutAppliances negotiable
• Laundry & utility: Coin-operated laundry facilitiesElectric and gas water heaters (water heater on site)

Price history

+97.3% since first listed

4 events — show timeline

• 2026-04-20 Listed $299,900 WNYREIS
• 2020-08-30 Listing Removed — WNYREIS
• 2018-09-20 Listed $360,000 WNYREIS
• 2005-05-26 Sold (Public Records) $152,000 Public Records

Property tax history

+10.9%/yr

Latest (2025): $7,037 · -2.3% YoY. Source: county tax records.