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    Gowanda Oasis with Income Potential Title is generated by Realmo AI

    9063 Persia Road, Gowanda, NY 14070

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    Claim this Listing
    For Sale
    $208,000

    61.5-acre property with main house, apartment, and barns.

    Type:Multi-Family Res (2-4) units
    Property size:
    2,588 SF
    Lot size:
    61.50 Acres
    Price / SF:
    $80/SF
    Added:
    Sep 12, 2019
    Days on Market:
    2457
    Last Refresh:
    May 12 at 9:02 pm

    Property Features for 9063 Persia Road

    General Information

    Standard status
    Active
    Size
    2,588 SF
    Lot size
    61.50 Acres
    Property subtype
    Multi-Family Res (2-4) units

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Stephanie M. Bish

    Listing agent Stephanie M. Bish License #10401261218

    Listing office WNY Metro Roberts Realty

    Listing date Sep 12, 2019

    Source Compass

    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 WNY Metro Roberts Realty

    HighLights

    • 61.5 acres of land with 11.5 acres across the road, ensuring unobstructed views.
    • Large stone barn with a 2‑bedroom apartment, offering in‑law suite potential or rental income.
    • Free gas and royalties provided by an active gas well on the property.
    • Main house with approximately 2600 sqft, 3+ bedrooms, and 2.5 baths.
    • Five‑bay steel pole barn for storage or agricultural use.
    • Enjoy the porch with a massive field stone fireplace.

    Overview

    This 61.5-acre property features a mix of fields suitable for farmland and woods ideal for hunting. The main house, spanning almost 2600 square feet, includes 3+ bedrooms and 2 1/2 baths. The open living area showcases unique ceilings, a dining space, and a kitchen. A porch features a field stone fireplace and mantle. An additional room off the living area contains a baby grand piano, which remains with the property. A 2-car attached garage offers full space above for extra storage. The property also includes a 5-bay steel pole barn and a large stone barn with a 2-bedroom apartment above, suitable for an in-law setup or rental income. There are two gas wells on the property; one is currently capped, while the other provides the owner with free gas and a small amount of royalties.

    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 $26.4k $10.20
    − Vacancy −$2.6k −$1.02
    EGI $23.8k $9.18
    − OpEx −$7.1k −$2.75
    NOI $16.6k $6.43
    2,588 SF · lease $10.20/SF/yr · vacancy 10.00% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $237.6K
    $207.9K – $277.2K (±1% cap)
    NOI $16,630 @ 7.0% cap · market cap 8.00%
    Second Best
    Apartment 5plus
    $223.3K
    $195.4K – $260.5K (±1% cap)
    NOI $15,629 @ 7.0% cap · market cap 7.51%
    Theoretical Best
    Healthcare Medical
    $511.5K
    $447.6K – $596.7K (±1% cap)
    NOI $35,804 @ 7.0% cap · market cap 17.21%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Pet Store & Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Gowanda
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.9325366
    Latitude
    42.3920198

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    FAQs

    What type of property is this?
    Duplex - 61.5-acre property with main house, apartment, and barns.
    Where is this duplex located?
    The property is located at 9063 Persia Road Gowanda, NY.
    What is the asking price?
    The asking price for this property is $208,000.
    What are key features of this property?
    This property features: 61.5 acres of land with 11.5 acres across the road, ensuring unobstructed views.; Large stone barn with a 2‑bedroom apartment, offering in‑law suite potential or rental income.; Free gas and royalties provided by an active gas well on the property.
    (716) 947-5555
    We can help!
    Listing Contact
    Stephanie M. Bish
    Real Estate License ID: 10401261218
    Learn More
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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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    9063 Persia Road, Gowanda, NY 14070
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