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    Three-Unit Multi-Family Residence Title is generated by Realmo AI

    38 Morgan Street, Tonawanda, NY 14150

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    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:
    3
    Last Refresh:
    Jun 4 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 1, Basement, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 1, Bathroom 2
    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
    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

    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 with 3 distinct units: one 2‑bedroom unit and two 1‑bedroom apartments
    • Currently generating $1,625 in monthly rent with one vacant unit
    • Heating includes natural gas with a hot water (heating) system, plus a gas water heater
    • Exterior and systems include vinyl siding, asphalt roof, copper plumbing, fenced yard, and newer electrical panels
    • Recently updated boiler and a full basement for storage or future improvements
    • Seller to provide the existing survey with an affidavit of no change and a 40‑year search

    Overview

    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.

    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

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    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: Multi‑unit property with 3 distinct units: one 2‑bedroom unit and two 1‑bedroom apartments; Currently generating $1,625 in monthly rent with one vacant unit; Heating includes natural gas with a hot water (heating) system, plus a gas water heater
    (716) 430-2091
    We can help!
    Listing Contact
    Emmanuel Williams
    Emmanuel Williams
    Real Estate License ID: 10301217766
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    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
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