Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Well-Maintained Triplex Income Property Title is generated by Realmo AI

    38 Morgan Street, Tonawanda, NY 14150

    View on Map
    Claim this Listing
    New
    For Sale
    $189,900

    MULTI_FAMILY - Other - Tonawanda, NY

    Property size:
    2,044 SF
    Lot size:
    0.10 Acres
    Price / SF:
    $92/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 38 Morgan Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Basement, Bedroom 4
    Exterior features
    Fence
    Fencing
    Fenced
    Appliances
    GasWaterHeater
    Standard status
    Active
    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
    Natural Gas, Hot Water(Heating)
    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

    We can help!

    Listing Contact
    Emmanuel Williams
    Emmanuel Williams

    Listing agent Emmanuel Williams License #10301217766

    Listing office WNY Metro Roberts Realty 2211 Sheridan Drive, cheektowaga, NY

    Listing date Jun 2, 2026

    MLS# B1686543 Listing URL

    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.

    HighLights

    • Multi‑unit property built in 1910 with 3 separate apartments: one 2‑bedroom unit and two 1‑bedroom units
    • Currently generates $2,675 in monthly rent
    • Full basement for storage and potential future enhancements
    • Natural gas hot water heating; newer electrical panels and a recently updated boiler
    • Vinyl siding exterior with asphalt shingle roof and copper plumbing
    • Public water service and fenced yard

    Overview

    38 Morgan Street is a well-maintained triplex designed for flexible ownership or investment. The building features three distinct units, including one spacious two-bedroom apartment and two one-bedroom apartments. Exterior and mechanical improvements include vinyl siding, newer electrical panels, and a recently updated boiler, supporting efficient, low-maintenance operation. A full basement offers ample storage and potential for future enhancements. On-site parking is also available for residents.

    The property is located in Tonawanda and benefits from convenient access to local amenities, helping support tenant appeal. It currently generates $2,675 in monthly rent, providing immediate income while leaving room for continued performance over time.

    This layout can work well for owner-occupants who want to live in one unit while collecting rent from the other two. Investors may also value the straightforward three-unit configuration and the documented building improvements that can help reduce near-term capital concerns. The seller will provide the existing survey with an affidavit of no change and a 40-year search on the note.

    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 (±1% cap)
    NOI $13,142 @ 7.0% cap · market cap 6.92%
    Second Best
    Apartment 5plus
    $168.6K
    $147.5K – $196.7K (±1% cap)
    NOI $11,801 @ 7.0% cap · market cap 6.21%
    Theoretical Best
    Office A
    $446.8K
    $391.0K – $521.3K (±1% cap)
    NOI $31,278 @ 7.0% cap · market cap 16.47%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tonawanda
    County
    Erie
    State
    New York
    Longitude
    -78.875162
    Latitude
    43.018608

    Nearby Similar for Sale

    • $799,000
      28,368 SF

      Historic Tonawanda Buildings Package Deal

      Two historic buildings in a walkable community, ideal for redevelopment.
      76 Adam Street, Tonawanda, NY 14150
      View Details
    • $500,000
      57,000 SF

      Tonawanda Manufacturing Redevelopment Opportunity

      57,000 SF building on 12.65 acres near major routes.
      1740 Military Road, Tonawanda, NY 14150
      View Details
    • $109,900

      Kenmore Avenue Commercial Building

      Commercial building with office layout and parking in Kenmore.
      1189 Kenmore Ave, Tonawanda, NY 14217
      View Details
    • $329,900
      3,536 SF

      MULTI_FAMILY - Other - Tonawanda, NY

      32 Curwood Court, Tonawanda, NY 14150
      View Details
    • $1,500,000

      Tonawanda Industrial Property For Sale

      Three buildings on 2.8 acres near downtown Tonawanda.
      131 Fillmore Avenue, Tonawanda, NY 14150
      View Details
    • $264,900

      Two-Unit Building with Full Attic

      Gutted two-unit building with attic, ready for customization.
      2572 Sheridan Dr, Tonawanda, NY 14150
      View Details
    • $284,900

      Updated Duplex in Tonawanda

      Extensively updated 2-unit duplex, ideal for owner-occupants or investors.
      783 Highland Ave, Tonawanda, NY 14223
      View Details
    • $399,900

      Tonawanda Commercial Property on Broad

      Versatile commercial property in high-traffic area, suitable for various uses.
      123 Broad St, Tonawanda, NY 14150
      View Details
    • $299,000
      5,916 SF

      Tonawanda Office/Flex Building For Sale

      5,916 SF office/flex building with flexible layout and parking.
      64 Broad St, Tonawanda, NY 14150
      View Details
    • $199,000

      Multifamily Property Across From Park

      Two-unit multifamily property with a double lot and three-car garage.
      279 Niagara St, Tonawanda, NY 14150
      View Details
    • $325,000
      5,608 SF

      Tonawanda Mixed-Use Corner Property

      Fully occupied mixed-use building with retail and office spaces.
      67 Main St, Tonawanda, NY
      View Details
    • $150,000
      5,000 SF

      Renovated Office/Garage Space Available

      3,000 SF office with 2,400 SF garage, ready for renovation.
      2266 Military Rd, Tonawanda, NY
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit rental property with modern updates, including newer electrical panels and a recently updated boiler.
    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: Multi‑unit property built in 1910 with 3 separate apartments: one 2‑bedroom unit and two 1‑bedroom units; Currently generates $2,675 in monthly rent; Full basement for storage and potential future enhancements
    (716) 430-2091
    We can help!
    Listing Contact
    Emmanuel Williams
    Emmanuel Williams
    Real Estate License ID: 10301217766
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    38 Morgan Street, Tonawanda, NY 14150
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!