Seller's Agent in 2025
Paul Pezzimenti
Howard Hanna
(716) 378-7039
193 in this area
330 Total Sales
Estimated Value: $88,000 - $123,120
4
Beds
2
Baths
1,988
Sq Ft
$49/Sq Ft
Est. Value
Highlights
- Deck
- Baseboard Heating
- High Speed Internet
- Ceiling Fan
- Heating System Uses Steam
- Rectangular Lot
About This Home
As of June 2025Turnkey investment opportunity in the City of Olean. This upper/lower duplex is fully rented and ready for new ownership. The lower unit is currently leased at $750 per month to a local company that covers all utilities for the tenant. The lease includes a 60-day eviction clause, offering flexibility for future use.
This property has been well maintained, with one side of the roof replaced just a year ago and the other side seven years ago. Both units have separate utilities and heating systems, making it an easy and efficient investment to manage.
The property has a spacious front porch, in unit laundry, appliances, and well kept front and back entrances for each unit.
An additional lot at 1013 Washington will transfer with the sale, providing extra yard space or potential for another driveway. Whether you're expanding your rental portfolio or looking for an owner-occupant opportunity with rental income, this duplex is a solid investment.
Schedule your showing today.
Last Agent to Sell the Property
Listing by Howard Hanna Professionals - Olean Brokerage Phone: 716-378-7039 License #10301214758 Listed on: 02/21/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $3,243
Year Built
- Built in 1940
Lot Details
- 3,570 Sq Ft Lot
- Lot Dimensions are 42x85
- Rectangular Lot
Home Design
- Duplex
- Stone Foundation
- Vinyl Siding
- Copper Plumbing
Interior Spaces
- 1,988 Sq Ft Home
- 2-Story Property
- Ceiling Fan
- Basement Fills Entire Space Under The House
- Washer Hookup
Flooring
- Carpet
- Laminate
- Vinyl
Bedrooms and Bathrooms
- 4 Bedrooms
- 2 Full Bathrooms
Outdoor Features
- Deck
Schools
- Washington West Elementary School
- Olean Middle School
- Olean Senior High School
Utilities
- Heating System Uses Gas
- Baseboard Heating
- Hot Water Heating System
- Heating System Uses Steam
- Gas Water Heater
- High Speed Internet
- Cable TV Available
Community Details
- 2 Units
- 2 Separate Gas Meters
Listing and Financial Details
- Tenant pays for all utilities
- Rent includes gardener
- Tax Lot 1
- Assessor Parcel Number 041200-094-064-0007-001-000-0000
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Feb 21, 2025
Closed on
May 29, 2025
Sold by
Palumbo Thomas E and Palumbo James J
Bought by
Zhu Xun
Seller's Agent
Paul Pezzimenti
Howard Hanna Professionals - Olean
Buyer's Agent
Karen Callahan
RE/MAX On Point
List Price
$89,900
Sold Price
$90,000
Premium/Discount to List
$100
0.11%
Views
16
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$7,780
Avg. Annual Appreciation
13.83%
Original Mortgage
$67,500
Outstanding Balance
$67,266
Interest Rate
6.76%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$30,514
Purchase Details
Closed on
Aug 4, 2005
Sold by
Mountain Glenn
Bought by
Palumbo Thomas
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$50,000
Interest Rate
5.63%
Mortgage Type
Purchase Money Mortgage
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Zhu Xun | $90,000 | None Available | |
| Palumbo Thomas | $50,000 | Daniel Palumbo | |
| Palumbo Thomas | $50,000 | Daniel Palumbo |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Zhu Xun | $67,500 | |
| Previous Owner | Palumbo Thomas | $50,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 06/06/2025 06/06/25 | Sold | $90,000 | +0.1% | $45 / Sq Ft |
| 02/26/2025 02/26/25 | Pending | -- | -- | -- |
| 02/21/2025 02/21/25 | For Sale | $89,900 | -- | $45 / Sq Ft |
Source: Chautauqua-Cattaraugus Board of REALTORS®
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $3,591 | $56,800 | $3,100 | $53,700 |
| 2023 | $2,138 | $56,800 | $3,100 | $53,700 |
| 2022 | $2,169 | $56,800 | $3,100 | $53,700 |
| 2021 | $2,232 | $56,800 | $3,100 | $53,700 |
| 2020 | $2,248 | $56,800 | $3,100 | $53,700 |
| 2019 | $886 | $56,800 | $3,100 | $53,700 |
| 2018 | $3,064 | $56,800 | $3,100 | $53,700 |
| 2017 | $2,302 | $56,800 | $3,100 | $53,700 |
| 2016 | $2,277 | $56,800 | $3,100 | $53,700 |
| 2015 | -- | $56,800 | $3,100 | $53,700 |
| 2014 | -- | $56,800 | $3,100 | $53,700 |
Source: Public Records
Agents Affiliated with this Home
-
Paul Pezzimenti
-
Karen Callahan
Buyer's Agent in 2025
Karen Callahan
RE/MAX
(716) 244-7878
92 in this area
114 Total Sales
Map
Source: Chautauqua-Cattaraugus Board of REALTORS®
MLS Number: R1589648
APN: 041200-094-064-0007-001-000-0000
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