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Two-Unit Income Property with Garage

233 Olmstead Avenue Lancaster, NY 14043

233 Olmstead Avenue, Lancaster, NY, 14043

$154,900

For Sale

$154,900

Two-unit property in Depew school district with new roof.

Property Size1,456 SF

Price / SF$106.39

AddedApr 28

Days on Market79

Last RefreshJul 14 at 4:21 pm

Property Features for 233 Olmstead Avenue

General Information

Standard status: Active
Size: 1,456 SF
Property subtype: Multi-Family

Building Details

Year Built: 1901

Listing office WNY Metro Roberts Realty

Listing date Apr 28, 2026

Source Xome

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.

Located in the Depew school district, this two-unit property on a neighborhood street presents an opportunity for investors or owner-occupants. The property features a new tear-off roof completed in 2025, glass block basement windows, a two-car garage, and a deep lot. The lower unit includes two bedrooms with classic built-ins and a walk-through closet, a galley-style kitchen with an eat-in dining area, a full bath, and basement access with a wet bar and laundry. The upper unit contains one bedroom, an eat-in kitchen, a living room, and a full bath. The property size is 1456 square feet.

Key Highlights

Brand new tear‑off roof (completed in 2025).
Two‑unit property ideal for owner‑occupants seeking rental income or investors.
Located in the Depew school district.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$20.1k	$13.80
− Vacancy	−$6.7k	−$4.61
EGI	$13.4k	$9.19
− OpEx	−$4.0k	−$2.76
NOI	$9.4k	$6.43

1,456 SF · lease $13.80/SF/yr · vacancy 33.44% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$133.7K

$117.0K – $156.0K (±1% cap)

NOI $9,362 @ 7.0% cap · market cap 6.04%

Second Best

Apartment 5plus

$120.1K

$105.1K – $140.1K (±1% cap)

NOI $8,406 @ 7.0% cap · market cap 5.43%

Theoretical Best

Office A

$318.3K

$278.5K – $371.3K (±1% cap)

NOI $22,280 @ 7.0% cap · market cap 14.38%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

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For sale
Duplexes
NY
Lancaster
14043
233 Olmstead Avenue

What type of property is this?

Duplex - Two-unit property in Depew school district with new roof.

Where is this duplex located?

The property is located at 233 Olmstead Avenue Lancaster, NY.

What is the asking price?

The asking price for this property is $154,900.

What are key features of this property?

This property features: Brand new tear‑off roof (completed in 2025).; Two‑unit property ideal for owner‑occupants seeking rental income or investors.; Located in the Depew school district.