Renovated Side-by-Side
For Sale
$148,000
817 Bishop St, Olean, NY 14760
Two updated units feature remodeled bathrooms, refreshed interiors, and washer and dryer hookups in both kitchens.
Property Size2,128 SF
Days on Market21
Property Features for 817 Bishop St
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,180
Building Details
Building Size
2,128 SF
Year Built
1890
Stories
2
Units
2
Tenancy
Multi
Abandoned
No
Listing Agency:
HUNT Real Estate ERA
(716) 832-4838
Listed By:
Terezinha Cecilia · License #10401369637
(716) 832-4838
Source:
Elliman
Added: Aug 2
Changed: Aug 22
Last Checked: Aug 22 at 10:15AM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
Located at 817 Bishop St in Olean, this side-by-side duplex contains two residential units with extensive interior and exterior improvements. Renovations include replacement drywall, luxury vinyl plank flooring, lighting, doors, windows, gutters, and interior and exterior paint. Both bathrooms were remodeled, and the mechanical systems are reported to be in good working order.
The front unit uses forced-air heat, while the rear unit is served by wall electric and radiant natural gas heat. Washer and dryer hookups are provided in both kitchens. Built in 1890, the property offers a duplex configuration with updated finishes and distinct heating systems for each unit. Walk Score is 20 and BikeScore is 31, reflecting a car-dependent and somewhat bikeable setting.
The front unit uses forced-air heat, while the rear unit is served by wall electric and radiant natural gas heat. Washer and dryer hookups are provided in both kitchens. Built in 1890, the property offers a duplex configuration with updated finishes and distinct heating systems for each unit. Walk Score is 20 and BikeScore is 31, reflecting a car-dependent and somewhat bikeable setting.
Key Highlights
- Side‑by‑side duplex at 817 Bishop St, Olean, NY 14760
- Built in 1890 with extensive interior and exterior renovations
- Luxury vinyl plank flooring, new windows, doors, lighting, gutters, and paint
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
$12,851
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
8.68%
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%
$257,020
$257.0K
Cap Rate 7%
$183,586
$183.6K
Cap Rate 9%
$142,789
$142.8K
Market Conditions
NOI Build-Up for 2,128 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
$25.5K $12.00/SF
− Vacancy
−$2.2K −$1.02/SF
EGI
$23.4K $10.98/SF
− OpEx
−$10.5K −$4.94/SF
NOI
$12.9K $6.04/SF
Area
Cattaraugus County, NY
Vacancy
8.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$257,020
Cap Rate 7%
$183,586
Cap Rate 9%
$142,789
Alternative Uses
Best Use
Multifamily LT 5
$195.4K
$170.9K – $227.9K
NOI $13,675 @ 7.0% cap · market cap 9.24%
Second Best
Apartment 5plus
$183.6K
$160.6K – $214.2K
NOI $12,851 @ 7.0% cap · market cap 8.68%
Theoretical Best
Healthcare Medical
$420.6K
$368.0K – $490.7K
NOI $29,440 @ 7.0% cap · market cap 19.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
156
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 updated units feature remodeled bathrooms, refreshed interiors, and washer and dryer hookups in both kitchens.
Where is this duplex located?
The property is located at 817 Bishop St Olean, NY.
What is the asking price?
The asking price for this property is $148,000.
What are key features of this property?
This property features: Side‑by‑side duplex at 817 Bishop St, Olean, NY 14760; Built in 1890 with extensive interior and exterior renovations; Luxury vinyl plank flooring, new windows, doors, lighting, gutters, and paint
