Fully Occupied
For Sale
$154,900
38 Walnut Street, Batavia, NY 14020
Two separate residences are currently leased near downtown Batavia, shopping, restaurants, schools, and commuter routes.
Property Size1,668 SF
Days on Market68
Property Features for 38 Walnut Street
General Information
Standard status
Active
Size
1,668 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,054
Building Details
Building Size
1,668 SF
Year Built
1800
Stories
2
Units
2
Listing Agency:
eXp Realty
(716) 228-4293
Listed By:
Rosalia Flower
(716) 228-4293
Source:
Northstarwny
Added: Jun 10
Changed: Aug 16
Last Checked: Aug 16 at 3:22AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This duplex contains 2 distinct living units, with both residences currently rented. The configuration places separate living spaces within one property and provides an established occupancy profile for a multifamily owner. The property was built in 1800.
Located at 38 Walnut Street in Batavia, the property is near downtown, shopping, restaurants, schools, and major commuter routes. Its setting places everyday services and transportation connections within the surrounding area while maintaining a two-unit residential format.
Located at 38 Walnut Street in Batavia, the property is near downtown, shopping, restaurants, schools, and major commuter routes. Its setting places everyday services and transportation connections within the surrounding area while maintaining a two-unit residential format.
Key Highlights
- 2‑unit duplex with separate living spaces
- Both units are currently rented
- Built in 1800
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
$13,359
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
8.62%
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%
$267,180
$267.2K
Cap Rate 7%
$190,843
$190.8K
Cap Rate 9%
$148,433
$148.4K
Market Conditions
NOI Build-Up for 1,668 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
$25.6K $15.36/SF
− Vacancy
−$1.3K −$0.80/SF
EGI
$24.3K $14.56/SF
− OpEx
−$10.9K −$6.55/SF
NOI
$13.4K $8.01/SF
Area
Genesee County, NY
Vacancy
5.20%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$267,180
Cap Rate 7%
$190,843
Cap Rate 9%
$148,433
Alternative Uses
Best Use
Multifamily LT 5
$218.8K
$191.5K – $255.3K
NOI $15,317 @ 7.0% cap · market cap 9.89%
Second Best
Apartment 5plus
$190.8K
$167.0K – $222.7K
NOI $13,359 @ 7.0% cap · market cap 8.62%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.81M
NOI $108,377 @ 7.0% cap · market cap 69.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
782
Businesses Nearby
Explore this area
Business Placement
Demographics for 14020, NY
22,627
Population
10,930
Households
2.1
Avg Household Size
43
Median Age
23%
College-Educated
92%
High-School Grad
66.3 sq mi
ZIP Area
341
Density / Sq Mi
$59,834
Median Household Income
$43,031
Median Earnings
$915
Median Rent
$148,100
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 - Two separate residences are currently leased near downtown Batavia, shopping, restaurants, schools, and commuter routes.
Where is this duplex located?
The property is located at 38 Walnut Street Batavia, 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: 2‑unit duplex with separate living spaces; Both units are currently rented; Built in 1800
