Updated Duplex with
For Sale
$299,900
189 Wabash Ave, Buffalo, NY 14217
Two-unit property with recent mechanical updates, a two-car garage, and off-street parking.
Property Size1,909 SF
Price / SF$157.10
Days on Market15
Property Features for 189 Wabash Ave
General Information
Standard status
Active
Size
1,909 SF
Property subtype
Multi-Family
Building Details
Year Built
1926
Listing Agency:
WNY Metro Roberts Realty
(716) 574-2553
Listed By:
Robert Grochowski · License #10401330211
Source:
Skinnercnyrealty
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 8:23PM
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 WNY Metro Roberts Realty
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.
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 = 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
$18,942
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
6.32%
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%
$378,840
$378.8K
Cap Rate 7%
$270,600
$270.6K
Cap Rate 9%
$210,467
$210.5K
Market Conditions
NOI Build-Up for 1,909 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
$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 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%
$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
NOI $18,942 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$249.2K
$218.1K – $290.8K
NOI $17,447 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$459.1K
$401.7K – $535.6K
NOI $32,135 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
