Three-Unit Multi-Family
38 Morgan Street Tonawanda, NY 14150
38 Morgan Street, Tonawanda, NY, 14150
$189,900
Pending
For Sale
$189,900
Pending
MULTI_FAMILY - Other - Tonawanda, NY
Property Size2,044 SF
Lot Size0.10 Acres
Days on Market50
Property Features for 38 Morgan Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 2, Bathroom 3, Bedroom 1
- Exterior features
- Fence
- Fencing
- Fenced
- Appliances
- GasWaterHeater
- Standard status
- Pending
- APN
- 141600-039-460-0006-006-000
- Size
- 2,044 SF
- Lot size
- 0.10 Acres
Taxes and HOA fees
- Tax Annual Amount
- 5778
Utilities
- Heating system
- Hot Water(Heating), Natural Gas
- Water source
- Public
Building Details
- Year built
- 1910
- Floors in Building
- 2
- Number of units
- 3
- Building materials
- VinylSiding, CopperPlumbing
- Roof type
- Asphalt
- Architectural style
- Other
Listing agency
WNY Metro Roberts Realty
(716) 875-2211
Listed by
Emmanuel Williams · License #10301217766
(716) 430-2091
Added: Jun 2 Updated: Jul 9 at 3:58AM Checked: Jul 21 at 8:06AM
MLS# B1686543
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.
38 Morgan Street is a well-maintained three-unit multi-family property featuring one spacious two-bedroom apartment and two one-bedroom apartments. The home is equipped with vinyl siding, newer electrical panels, and a recently updated boiler designed for efficient, lower-maintenance operation. A full basement provides substantial storage space and could support future improvements, and the property includes convenient resident parking.
The property size is listed at 2,044 square feet on a 0.1-acre lot. It is currently generating $1,625 in monthly rent, with one unit vacant. The seller will provide the existing survey with an affidavit of no change and a 40-year search on the note.
This configuration can work for tenants seeking multi-unit living options and for buyers looking for a straightforward residential income property with a mix of unit sizes. With one unit available, there is an opportunity to align occupancy with the buyer’s operating plan while maintaining the benefit of already-present updates, including newer electrical and an updated boiler. For owner-occupants, the two distinct one-bedroom layouts plus the larger two-bedroom unit can support a variety of living and rental arrangements within the same building.
The property size is listed at 2,044 square feet on a 0.1-acre lot. It is currently generating $1,625 in monthly rent, with one unit vacant. The seller will provide the existing survey with an affidavit of no change and a 40-year search on the note.
This configuration can work for tenants seeking multi-unit living options and for buyers looking for a straightforward residential income property with a mix of unit sizes. With one unit available, there is an opportunity to align occupancy with the buyer’s operating plan while maintaining the benefit of already-present updates, including newer electrical and an updated boiler. For owner-occupants, the two distinct one-bedroom layouts plus the larger two-bedroom unit can support a variety of living and rental arrangements within the same building.
Key Highlights
- Three‑unit multi‑family at 38 Morgan St.: one 2‑bedroom apartment and two 1‑bedroom apartments
- Currently generating $1,625 in monthly rent, with one vacant unit
- Full basement for storage and potential future updates
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 | $28.2k | $13.80 |
| − Vacancy | −$9.4k | −$4.61 |
| EGI | $18.8k | $9.19 |
| − OpEx | −$5.6k | −$2.76 |
| NOI | $13.1k | $6.43 |
2,044 SF · lease $13.80/SF/yr · vacancy 33.44% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$187.7K
$164.3K – $219.0K
NOI $13,142 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$168.6K
$147.5K – $196.7K
NOI $11,801 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$446.8K
$391.0K – $521.3K
NOI $31,278 @ 7.0% cap · market cap 16.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-unit property with one two-bedroom and two one-bedroom apartments, plus basement storage and recent mechanical updates.
Where is this triplex located?
The property is located at 38 Morgan Street Tonawanda, NY.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Three‑unit multi‑family at 38 Morgan St.: one 2‑bedroom apartment and two 1‑bedroom apartments; Currently generating $1,625 in monthly rent, with one vacant unit; Full basement for storage and potential future updates
