Updated Two-Unit
For Sale
$299,900
189 Wabash Avenue, Buffalo, NY 14217
Residential, Buffalo, NY
Property Size1,909 SF
Lot Size0.08 Acres
Price / SF$157.10
Days on Market46
Property Features for 189 Wabash Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Parking features
Garage, On Street, Open
Patio and Porch features
Deck
Exterior features
Balcony, Deck, Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Holland Land Company's Su
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Kenmore-Tonawanda Union Free District
Middle school district
Kenmore-Tonawanda Union Free District
High school district
Kenmore-Tonawanda Union Free District
Directions
GPS
Standard status
Active
APN
146401-066-770-0003-023-000
Size
1,909 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
6514
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Flooring type
Varies, Tile, Hardwood
Building materials
VinylSiding, PexPlumbing
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 668-2500
Listed By:
Robert Grochowski · License #10401330211
(716) 574-2553
Added: Jul 14
Changed: Aug 19
Last Checked: Aug 28 at 11:06PM
MLS# B1698592
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 1,909-square-foot duplex, built in 1926, offers two residential units with bedrooms, bathrooms, basement space, and varied flooring that includes hardwood and tile. The property also features a balcony, deck, fenced yard, long driveway, and two-car garage, providing multiple outdoor and parking amenities.
Major updates include a roof replacement in 2020, replacement of both furnaces in 2020, and new hot water tanks in 2018. The upper unit received a remodeled bathroom along with updated windows and doors in 2017. Both washer and dryer units are two years old, while the upstairs refrigerator is one year old. Public water, natural-gas forced-air heat, vinyl siding, and PEX plumbing are also in place.
Located near local bus routes and Elmwood Avenue, the property provides access to Buffalo and neighboring suburbs.
Major updates include a roof replacement in 2020, replacement of both furnaces in 2020, and new hot water tanks in 2018. The upper unit received a remodeled bathroom along with updated windows and doors in 2017. Both washer and dryer units are two years old, while the upstairs refrigerator is one year old. Public water, natural-gas forced-air heat, vinyl siding, and PEX plumbing are also in place.
Located near local bus routes and Elmwood Avenue, the property provides access to Buffalo and neighboring suburbs.
Key Highlights
- Two‑family duplex totaling 1,909 square feet
- 0.079‑acre lot with a long driveway and two‑car garage
- Roof replaced in 2020; balcony rubber roof replaced in 2024
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
Lease Details
2
Residential units
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-family property with separate living units, recent mechanical improvements, a garage, and substantial off-street parking.
Where is this duplex located?
The property is located at 189 Wabash Avenue 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 totaling 1,909 square feet; 0.079‑acre lot with a long driveway and two‑car garage; Roof replaced in 2020; balcony rubber roof replaced in 2024
