89 Pine St · Lockport, NY 14094

$234,500

15 bd · None ba · 5,274 sqft · MultiFamily public records · 34 Days on market

Built 1880 3,920 sqft lot

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Excellent investment opportunity in the City of Lockport! This well-maintained 5-unit multi-family property is a valuable addition to any investor’s portfolio. Featuring three 1-bedroom apartments and two studio units, the property offers a strong unit mix with consistent rental appeal. Conveniently located near local shopping, dining, and everyday amenities, tenants will appreciate the accessibility and convenience of city living. This income-producing property also includes existing framework for a potential sixth unit, creating an opportunity for additional cash flow with estimated rental income of approximately $800 per month. Current gross monthly rents total $3,725, with contrac

Key facts

• Strong unit mix
• 3,920 sq ft lot
• Built 1880

Tags

• INVESTMENT OPPORTUNITY
• MULTI-FAMILY PROPERTY
• STRONG UNIT MIX
• INCOME PRODUCING PROPERTY

Property features AI

Finance

• Other: Five total units; Five separate gas meters and one electric meter
• Financial info: Owner pays electricity and water for rental units; Operating expenses may include accounting, electric, insurance, management, maintenance (structure and general), professional management, trash, and utilities

Exterior

• Parking: No driveway; No garage
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story building; Existing construction
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Open porch; Patio/porch with open porch; Rectangular residential lot; City street frontage

Interior

• Kitchen: Free-standing range; Oven; Refrigerator
• Flooring: Laminate; Vinyl; Varies
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; See remarks for additional exterior/interior details
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 2×?bd/1ba units multifamily listed at $234k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $487/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $234k).
• Recommended offer: $227k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 4.5% 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); 357 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $5,127/mo this rent would consume 82% of the median local household income ($75k/yr) (locally 1112% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 $66k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $166k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $227,465 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.19% ✓
• Cap rate: 18.75%
• Cash-on-cash: 44.51%
• DSCR: 2.98
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 42.3%
• Equity multiple: 2.84×
• Total profit: $120,653
• Equity at exit: $34,965

10-year hold

• IRR: 48.7%
• Equity multiple: 5.87×
• Total profit: $319,550
• Equity at exit: $20,275

Cash invested: $65,660 (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 →

ZIP-level market 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $5,127 medium
• Mortgage (P&I): −$1,230
• Tax from tax record: −$288 /mo · $3,452/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,077
• Net cashflow: $2,435

Break-even live

Break-even rent $2,044

Max offer price $234,500

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,111
▸ 2× units	0	1	$2,016
Total (5 units)			$5,127

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: $58,625
• Closing costs: $7,035
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $234,500 Active 34 DOM
2. 2026-06-17
   days on market $234,500 Active 33 DOM
3. 2026-06-16
   days on market $234,500 Active 32 DOM
4. 2026-06-15
   days on market $234,500 Active 31 DOM
5. 2026-06-13
   days on market $234,500 Active 29 DOM
6. 2026-06-13
   days on market $234,500 Active 28 DOM
7. 2026-06-10
   days on market $234,500 Active 26 DOM
8. 2026-06-09
   days on market $234,500 Active 25 DOM
9. 2026-06-08
   days on market $234,500 Active 24 DOM
10. 2026-06-07
    days on market $234,500 Active 23 DOM
11. 2026-06-05
    days on market $234,500 Active 20 DOM
12. 2026-06-03
    days on market $234,500 Active 19 DOM
13. 2026-06-02
    days on market $234,500 Active 18 DOM
14. 2026-06-01
    days on market $234,500 Active 17 DOM
15. 2026-05-31
    days on market $234,500 Active 16 DOM
16. 2026-05-15
    listed $234,500 Active
17. 2026-05-15
    historical
18. 2026-03-16
    listed $249,999 Active
19. 2025-08-20
    historical
20. 2025-06-10
    listed $320,000 Active
21. 2020-09-23
    historical
22. 2020-08-04
    price $183,900
23. 2020-06-16
    listed $184,900 Active
24. 2018-02-01
    soldstatus $165,900 Closed Sale or Rented
25. 2017-10-12
    historical
26. 2017-10-12
    listed $169,900
27. 2015-12-30
    soldstatus $53,425 Closed Sale or Rented
28. 2015-12-30
    soldstatus $53,425
29. 2015-07-17
    status Pending Sale
30. 2015-06-29
    listed $73,900 Active
31. 2008-08-20
    soldstatus $37,100
32. 2005-06-07
    soldstatus $50,000

ⓘ 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: $3,452 · $288/mo
• Projected year-2 tax: $3,708 · $309/mo
• Expected delta: +$255/yr (+$21/mo · 7.4%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,524
• − Mortgage interest: −$13,136
• − Property taxes: −$3,452
• − Insurance: −$1,172
• − Repairs & maintenance: −$4,922
• − Management: −$4,922
• − Depreciation: −$6,822
• Taxable income: $27,098
• Est. tax owed @ 24.0%: −$6,504
• After-tax cash flow: $22,719/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.

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

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 · 157,377 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: 1112.0

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%

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%

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

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

Price history

+369.0% since first listed

17 events — show timeline

• 2026-05-15 Listing Removed — WNYREIS
• 2026-05-15 Listed $234,500 WNYREIS
• 2026-03-16 Listed $249,999 WNYREIS
• 2025-08-20 Listing Removed — WNYREIS
• 2025-06-10 Listed $320,000 WNYREIS
• 2020-09-23 Listing Removed — WNYREIS
• 2020-08-04 Price Changed $183,900 WNYREIS
• 2020-06-16 Listed $184,900 WNYREIS
• 2018-02-01 Sold (MLS) $165,900 WNYREIS
• 2017-10-12 Listed $169,900 WNYREIS
• 2017-10-12 Listing Removed — WNYREIS
• 2015-12-30 Sold (Public Records) $53,425 Public Records
• 2015-12-30 Sold (MLS) $53,425 WNYREIS
• 2015-07-17 Pending — WNYREIS
• 2015-06-29 Listed $73,900 WNYREIS
• 2008-08-20 Sold (Public Records) $37,100 Public Records
• 2005-06-07 Sold (Public Records) $50,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,452 · -2.3% YoY. Source: county tax records.