Two-Family Residential
For Sale
$143,500
Pending
115 Burger Place, Olean, NY 14760
MULTI_FAMILY - Other - Olean, NY
Property Size2,024 SF
Lot Size0.15 Acres
Days on Market233
Property Features for 115 Burger Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Basement
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Olean
Middle school district
Olean
High school district
Olean
Subdivision
Olean-City-041200
Standard status
Pending
APN
041200-094-064-0013-017-000-0000
Size
2,024 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
2885
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Carpet, Laminate, Varies, Vinyl
Building materials
WoodSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Howard Hanna Professionals - Olean
(716) 372-1155
Listed By:
Kelly Patrone · License #30PA0967867
(716) 353-3222
Added: Dec 22, 2025
Changed: Aug 4
Last Checked: Aug 12 at 7:06PM
MLS# R1655465
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 well-maintained two-family property is set up for owner-occupancy or investment. The home includes two fully occupied units: one unit offers 3 bedrooms and 1 full bath, and the other offers 2 bedrooms and 1 full bath. Updates include a brand-new roof plus fresh interior and exterior paint.
The property also includes a nice yard. An extra lot is included in the sale, along with a one-car garage for added parking or storage. The building is constructed with wood siding and features asphalt roofing. Heating is provided by natural gas hot water with baseboard heat, and hot water is supported by a gas water heater. Public water services the property.
Built in 1900, the property is offered with carpet, vinyl, and laminate flooring (with variations by area), and includes basement space and multiple bedrooms and bathrooms across the two units.
The property also includes a nice yard. An extra lot is included in the sale, along with a one-car garage for added parking or storage. The building is constructed with wood siding and features asphalt roofing. Heating is provided by natural gas hot water with baseboard heat, and hot water is supported by a gas water heater. Public water services the property.
Built in 1900, the property is offered with carpet, vinyl, and laminate flooring (with variations by area), and includes basement space and multiple bedrooms and bathrooms across the two units.
Key Highlights
- Two fully occupied units: one 3‑bedroom/1‑bath and one 2‑bedroom/1‑bath
- Brand‑new roof plus fresh interior and exterior paint
- Extra lot included in the sale with a one‑car garage
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
$13,006
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
9.06%
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%
$260,120
$260.1K
Cap Rate 7%
$185,800
$185.8K
Cap Rate 9%
$144,511
$144.5K
Market Conditions
NOI Build-Up for 2,024 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
$20.6K $10.20/SF
− Vacancy
−$2.1K −$1.02/SF
EGI
$18.6K $9.18/SF
− OpEx
−$5.6K −$2.75/SF
NOI
$13.0K $6.43/SF
Area
Cattaraugus County, NY
Vacancy
10.00%
Lease Rate
$10.20 /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%
$260,120
Cap Rate 7%
$185,800
Cap Rate 9%
$144,511
Alternative Uses
Best Use
Multifamily LT 5
$185.8K
$162.6K – $216.8K
NOI $13,006 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$174.6K
$152.8K – $203.7K
NOI $12,223 @ 7.0% cap · market cap 8.52%
Theoretical Best
Healthcare Medical
$400.0K
$350.0K – $466.7K
NOI $28,002 @ 7.0% cap · market cap 19.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Explore this area
Business Placement
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
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 - Two-family property with both units fully occupied, featuring three-bedroom and two-bedroom layouts and updated roof and paint.
Where is this duplex located?
The property is located at 115 Burger Place Olean, NY.
What is the asking price?
The asking price for this property is $143,500.
What are key features of this property?
This property features: Two fully occupied units: one 3‑bedroom/1‑bath and one 2‑bedroom/1‑bath; Brand‑new roof plus fresh interior and exterior paint; Extra lot included in the sale with a one‑car garage
