Two-Unit Income Property with
233 Olmstead Avenue, Lancaster, NY 14043
Two-unit property in Depew school district with new roof.
Type:Multi-Family
Property size:
1,456 SFPrice / SF:
$106/SF- Added:
- May 9, 2026
- Days on Market:
- 23
- Last Refresh:
- May 27 at 8:52 am
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 agent Melanie Pieszala License #10301221524 (716) 668-2500
Listing office WNY Metro Roberts Realty (716) 668-2500
Listing date May 9, 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
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.
- Two‑car garage and deep lot.
- Lower unit features two bedrooms with built‑ins and walk‑through closet, galley kitchen, and basement access with wet bar.
- Glass block basement windows.
Overview
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.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| 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
NOI $9,362 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$120.1K
$105.1K – $140.1K
NOI $8,406 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$318.3K
$278.5K – $371.3K
NOI $22,280 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Lancaster
- County
- Erie
- State
- New York
- Longitude
- -78.6881057
- Latitude
- 42.9166435
Nearby Similar for Sale
FAQs
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.
