Updated Two-Unit
New
For Sale
$134,900
306 Wayne Street, Olean, NY 14760
Residential, Olean, NY
Property Size1,741 SF
Lot Size0.12 Acres
Price / SF$77.48
Days on Market1
Property Features for 306 Wayne Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Basement, Bedroom 4
Patio and Porch features
Deck
Exterior features
Balcony, Deck
Appliances
WaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Olean
Middle school district
Olean
High school district
Olean
Subdivision
Olean-City-041200
Standard status
Active
APN
041200-094-057-0001-030-000-0000
Size
1,741 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
1487
Utilities
Heating system
Natural Gas, Space Heater
Water source
Public
Amenities
private covered porch
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
Howard Hanna Professionals - Olean
(716) 372-1155
Listed By:
Darrick Babb · License #10401398872
(585) 808-9074
Added: Sep 1
Last Checked: Sep 1 at 7:06PM
MLS# R1711120
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 1,741-square-foot duplex contains two separate residential units, each with a private covered porch. The interiors have been updated throughout with new flooring, while the property also includes a basement, vinyl siding, and deck areas.
Built in 1900, the home sits on a 0.1235-acre lot at 306 Wayne Street in Olean, New York. The room inventory includes four bedrooms and two bathrooms. Public water serves the property, with natural gas and space-heater systems listed for heating. Both units are vacant, allowing a purchaser to establish new tenancies or occupy one residence while leasing the other.
Built in 1900, the home sits on a 0.1235-acre lot at 306 Wayne Street in Olean, New York. The room inventory includes four bedrooms and two bathrooms. Public water serves the property, with natural gas and space-heater systems listed for heating. Both units are vacant, allowing a purchaser to establish new tenancies or occupy one residence while leasing the other.
Key Highlights
- Two separate residential units with both units currently vacant
- 1,741 square feet on a 0.1235‑acre lot
- Private covered porch provided for each unit
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
$11,188
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
8.29%
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%
$223,760
$223.8K
Cap Rate 7%
$159,829
$159.8K
Cap Rate 9%
$124,311
$124.3K
Market Conditions
NOI Build-Up for 1,741 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
$17.8K $10.20/SF
− Vacancy
−$1.8K −$1.02/SF
EGI
$16.0K $9.18/SF
− OpEx
−$4.8K −$2.75/SF
NOI
$11.2K $6.43/SF
Area
Cattaraugus County, NY
Vacancy
10.00%
Lease Rate
$10.20 /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%
$223,760
Cap Rate 7%
$159,829
Cap Rate 9%
$124,311
Alternative Uses
Best Use
Multifamily LT 5
$159.8K
$139.9K – $186.5K
NOI $11,188 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$150.2K
$131.4K – $175.2K
NOI $10,514 @ 7.0% cap · market cap 7.79%
Theoretical Best
Healthcare Medical
$344.1K
$301.1K – $401.4K
NOI $24,086 @ 7.0% cap · market cap 17.85%
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
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
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 - Both residences are vacant and feature private covered porches for flexible occupancy or leasing plans.
Where is this duplex located?
The property is located at 306 Wayne Street Olean, NY.
What is the asking price?
The asking price for this property is $134,900.
What are key features of this property?
This property features: Two separate residential units with both units currently vacant; 1,741 square feet on a 0.1235‑acre lot; Private covered porch provided for each unit
