Updated Duplex with Two-Car
For Sale
$299,900
189 Wabash Avenue, Buffalo, NY 14217
Two residential units offer recent mechanical and exterior improvements with substantial off-street parking.
Property Size1,909 SF
Days on Market32
Property Features for 189 Wabash Avenue
General Information
Standard status
Active
Size
1,909 SF
Property subtype
Multi Family Home
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,514
Building Details
Building Size
1,909 SF
Year Built
1926
Buildings
1
Stories
2
Units
2
Listing Agency:
WNY Metro Roberts Realty
(716) 574-2553
Listed By:
Robert Grochowski · License #10401330211
(716) 574-2553
Source:
Homeprocny
Added: Jul 14
Changed: Aug 12
Last Checked: Aug 13 at 12:36PM
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 two-unit residential property combines a practical duplex layout with a substantial program of updates. The roof was replaced in 2020, while the balcony roof was renewed in 2024. The upper apartment received a bathroom renovation and updated windows and doors in 2017. Both furnaces were replaced in 2020, and both hot water tanks were replaced in 2018. The property also includes newer laundry appliances and an upstairs refrigerator.
A long driveway and two-car garage provide off-street parking. The property is near local bus routes and Elmwood Ave, with access to Buffalo and neighboring suburbs.
A long driveway and two-car garage provide off-street parking. The property is near local bus routes and Elmwood Ave, with access to Buffalo and neighboring suburbs.
Key Highlights
- Two‑unit property built in 1926
- Roof replaced in 2020; balcony roof replaced in 2024
- Upper unit bathroom, windows, and doors updated in 2017
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 residential units offer recent mechanical and exterior improvements with 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‑unit property built in 1926; Roof replaced in 2020; balcony roof replaced in 2024; Upper unit bathroom, windows, and doors updated in 2017
