Updated Two-Unit
For Sale
$119,999
132 Chestnut Street, Gowanda, NY 14070
Residential, Gowanda, NY
Property Size1,499 SF
Lot Size0.23 Acres
Price / SF$80.05
Days on Market94
Property Features for 132 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 2
Parking features
Garage
Patio and Porch features
Porch
Interior features
PullDownAtticStairs
Exterior features
EnclosedPorch, Porch
Appliances
ElectricWaterHeater
Lot features
Irregular Lot, Residential Lot
Elementary school district
Gowanda
Middle school district
Gowanda
High school district
Gowanda
Subdivision
Gowanda-Village-047201
Standard status
Active
APN
047201-008-083-0003-031-000-0000
Size
1,499 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
1227
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Carpet, Varies, Vinyl
Building materials
VinylSiding
Listing Agency:
WNY Metro Roberts Realty
(716) 662-0449
Listed By:
Brandy Hardy · License #10401333307
(716) 574-8998
Added: Jun 4
Changed: Sep 5
Last Checked: Sep 5 at 10:06PM
MLS# B1687536
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 1,499-square-foot duplex on a 0.227-acre parcel includes two separate residences. The lower apartment has two bedrooms, one full bathroom, and laundry hookups, while the upper apartment provides one bedroom, one full bathroom, and attic storage access. Separate utilities serve each unit.
Major property improvements include a newer roof, furnaces, hot water tanks, interior paint, and carpeting. Block windows and a garage door are scheduled for installation before showings. The 1940-built structure has vinyl siding, forced-air natural gas heat, public water, and a mix of vinyl and carpet flooring. Exterior features include an enclosed porch, an additional porch, and a detached two-car garage. Parking is available through the shared driveway arrangement. The property is located near schools, parks, shopping, and other local amenities in Gowanda.
Major property improvements include a newer roof, furnaces, hot water tanks, interior paint, and carpeting. Block windows and a garage door are scheduled for installation before showings. The 1940-built structure has vinyl siding, forced-air natural gas heat, public water, and a mix of vinyl and carpet flooring. Exterior features include an enclosed porch, an additional porch, and a detached two-car garage. Parking is available through the shared driveway arrangement. The property is located near schools, parks, shopping, and other local amenities in Gowanda.
Key Highlights
- Two‑unit duplex with a 2‑bedroom lower residence and 1‑bedroom upper residence
- 1,499 square feet on a 0.227‑acre parcel
- Detached two‑car garage with parking through a shared driveway
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
$9,633
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
8.03%
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%
$192,660
$192.7K
Cap Rate 7%
$137,614
$137.6K
Cap Rate 9%
$107,033
$107.0K
Market Conditions
NOI Build-Up for 1,499 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
$15.3K $10.20/SF
− Vacancy
−$1.5K −$1.02/SF
EGI
$13.8K $9.18/SF
− OpEx
−$4.1K −$2.75/SF
NOI
$9.6K $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%
$192,660
Cap Rate 7%
$137,614
Cap Rate 9%
$107,033
Alternative Uses
Best Use
Multifamily LT 5
$137.6K
$120.4K – $160.6K
NOI $9,633 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$129.3K
$113.2K – $150.9K
NOI $9,052 @ 7.0% cap · market cap 7.54%
Theoretical Best
Healthcare Medical
$296.3K
$259.2K – $345.6K
NOI $20,738 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 14070, NY
5,093
Population
2,589
Households
2
Avg Household Size
44
Median Age
15%
College-Educated
88%
High-School Grad
50.8 sq mi
ZIP Area
100
Density / Sq Mi
$51,620
Median Household Income
$39,330
Median Earnings
$740
Median Rent
$100,600
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 residences offer separate utilities, individual layouts, and shared access to a detached garage and parking.
Where is this duplex located?
The property is located at 132 Chestnut Street Gowanda, NY.
What is the asking price?
The asking price for this property is $119,999.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom lower residence and 1‑bedroom upper residence; 1,499 square feet on a 0.227‑acre parcel; Detached two‑car garage with parking through a shared driveway
