Building Details

Year Built 1926

Listing Agency: WNY Metro Roberts Realty

Listed By: Robert Grochowski · License #10401330211 Show Phone

Source: Skinnercnyrealty

Added: Aug 17 Changed: Oct 12 Last Checked: Oct 16 at 12:57PM

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Investment Insights

Based on property information with market context.

Built in 1926, this 1,909-square-foot duplex offers two residential units along with a long driveway and detached two-car garage. The property includes updated systems and equipment, with both furnaces replaced in 2020 and both hot water tanks replaced in 2018.

Recent improvements include a full roof replacement in 2020 and replacement of the balcony rubber roof in 2024. The upper unit received a bathroom renovation, updated windows, and updated doors in 2017. Both washers and dryers are 2 years old, and the upstairs refrigerator is 1 year old.

Located at 189 Wabash Ave in Buffalo, the property is near local bus routes and Elmwood Ave, providing access to the city and surrounding suburbs.

Key Highlights

• Two‑family duplex with 1,909 square feet
• Roof fully replaced in 2020; balcony rubber roof replaced in 2024
• Both furnaces replaced in 2020

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,942

Cap Rate

6.32%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$378,840 $378.8K

Cap Rate 7%

$270,600 $270.6K

Cap Rate 9%

$210,467 $210.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,909 SF

Gross rent

$28.6K $15.00/SF

− Vacancy

−$1.6K −$0.83/SF

EGI

$27.1K $14.17/SF

− OpEx

−$8.1K −$4.25/SF

NOI

$18.9K $9.92/SF

Area

Buffalo, NY

Vacancy

5.50%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$378,840

Cap Rate 7%

$270,600

Cap Rate 9%

$210,467

Alternative Uses

Best Use

Multifamily LT 5

$270.6K

$236.8K – $315.7K (±1% cap)

NOI $18,942 @ 7.0% cap · market cap 6.32%

Second Best

Apartment 5plus

$249.2K

$218.1K – $290.8K (±1% cap)

NOI $17,447 @ 7.0% cap · market cap 5.82%

Theoretical Best

Office A

$459.1K

$401.7K – $535.6K (±1% cap)

NOI $32,135 @ 7.0% cap · market cap 10.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Electrical Service Law Firm Daycare Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,148

Businesses Nearby

Explore this area Business Placement

Demographics for 14217, NY

23,085

Population

11,280

Households

2

Avg Household Size

41

Median Age

41%

College-Educated

95%

High-School Grad

3.2 sq mi

ZIP Area

7,214

Density / Sq Mi

$72,205

Median Household Income

$51,075

Median Earnings

$970

Median Rent

$193,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with recent mechanical updates, a two-car garage, and off-street parking.

Where is this duplex located?

The property is located at 189 Wabash Ave Buffalo, NY.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Two‑family duplex with 1,909 square feet; Roof fully replaced in 2020; balcony rubber roof replaced in 2024; Both furnaces replaced in 2020