NOT LISTED FOR SALE

1097 Promised Land Rd Olean, NY 14760

Estimated Value: $89,000 - $153,213

4 Beds
2 Baths
2,232 Sq Ft
$54/Sq Ft Est. Value

Last Sold January 10, 2023

Last sale price $77,500 $35 Per Sq Ft

Est. 56% increase in value since last sale

Current estimated payment $876/month

69 Days on Market

Highlights

  • 1.1 Acre Lot
  • Wood Flooring
  • Forced Air Cooling System
  • Portville Elementary School Rated A-
  • Woodwork
  • Ceiling Fan

About This Home

As of January 2023

INCOME OPPORTUNITY AT GREAT PRICE! See this multifamily 2 unit located in a desirable area in the Portville School District. Separate utilities paid by tenants, separate entrances each with covered porches, long driveway for plenty of parking. Nice country-like setting. Furnaces for both units less than 2 yrs old, hot water tanks less than 7, appliances stay including separate washers and dryers for tenants. This one is a money maker, it won't last long!

Last Agent to Sell the Property

Sarah Hallberg

Listing by Lake Homes Realty License #10401284655 Listed on: 07/21/2022

Lake Homes Realty

Last Buyer's Agent

John Dwaileebe

Listing by Howard Hanna Professionals - Olean License #40DW0994003

Howard Hanna Professionals - Olean

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,808

Year Built

  • Built in 1900

Lot Details

  • 1.1 Acre Lot
  • Lot Dimensions are 322 x 343
  • Irregular Lot

Parking

  • Stone Driveway

Home Design

  • Stone Foundation
  • Frame Construction
  • Asphalt Roof

Interior Spaces

  • 2,232 Sq Ft Home
  • 2-Story Property
  • Woodwork
  • Ceiling Fan
  • Drapes & Rods

Flooring

  • Wood
  • Wall to Wall Carpet
  • Vinyl

Basement

  • Walk-Out Basement
  • Basement Fills Entire Space Under The House

Schools

  • Portville Elementary School
  • Portville Junior-Senior High School

Utilities

  • Forced Air Cooling System
  • Multiple Heating Units
  • Heating System Uses Gas
  • Well
  • Gas Water Heater
  • Septic Tank

Listing and Financial Details

  • Rent includes no utilities
  • Tax Lot 13
  • Assessor Parcel Number 047489-104-001-0002-013-000-0000
  • $136 special tax assessment

Community Details

Overview

  • 2 Units

Building Details

  • 2 Separate Electric Meters
  • 2 Separate Gas Meters
  • Operating Expense $2,800
  • Gross Income $16,200

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,808

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Annual Operating Expenses: 2800
  • Annual Special Assessment: 136
  • NY Swis Code: Portville-047489
  • Total Assessed Value: 68500
  • Foundation Description: Stone
  • Gross Annual Income: 16200
  • Listing Type: Exclusive Right To Sell
  • Lot Dimension Depth: 322
  • Lot Dimension Front: 343
  • Lot Information: Rural Road
  • Lot Number: 13
  • Lot Shape: Irregular
  • Nearest Cross Street: Witherell Hts/Rte 417
  • Number of Stories: 2.0000
  • Property Type: Multi-Family Res (2-4) units
  • Ratio Close Price By Acres: 70454.55
  • Ratio Close Price By Sq Ft: 34.72
  • Ratio List Price By Acres: 81727.27
  • Ratio List Price By Sq Ft: 40.28
  • Regional Board Code: Rochester
  • Rent Includes: No Utilities
  • Roof Description: Asphalt
  • School Tax: 1701
  • Sub Board Code: Chautauqua-Cattaraugus
  • Tax Information: Taxes include Special Assessments
  • Type of Residence: 2 Unit
  • Type of Sale: Normal
  • Year Built Description: Existing
  • Lot Sq Ft: 47916
  • Age of Building: 123
  • Year Built: 1900
  • Above Grade Finished Sq Ft: 2232
  • Directions To Property: Take Rte 417 to Promised Land Road, is in the Westons Mills area. House is on the right just after Witherel Heights rd.
  • Sq Ft Total Pub: 2232
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2
  • Year Built: 1900

Interior Features

  • Additional Interior Features: Ceiling Fan, Drapes - Some, Laundry- Separate Hook ups- Some, Natural Woodwork - some, Pex Plumbing- Some
  • Attic Description: Crawl Space
  • Basement Description: Exterior Walkout, Full
  • Floor Description: Vinyl-Some, Wall To Wall Carpet-Some, Wood-Some
  • Total Sq Ft: 2232

Exterior Features

  • Construction: Aluminum/Steel, Frame
  • Number of Acres: 1.1000

Garage/Parking

  • Number of Electric Meters: 2
  • Parking Driveway: 2 or More Spaces, Stone/Gravel

Utilities

  • Heating Fuel Description: Gas
  • Hvac Type: Forced Air
  • Number of Gas Meters: 2
  • Number of Heating Units: 2
  • Separate Utilities: Electricity, Gas
  • Sewer Description: Septic
  • Water Heater Fuel: Gas

Lot Info

  • Parcel Number: 047489-104-001-0002-013-000-0000

Rental Info

  • Certificate of Occupancy: Not Supplied

Multi Family

  • Total Number Of Apartments: 2

Tax Info

  • Total Taxes: 2808

MLS Schools

  • Elementary School Name: Portville Elementary
  • High School Name: Portville Junior-Senior High
  • School District Name: Portville

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 21, 2022
Closed on
Dec 28, 2022
Sold by
Witherell Dana L and Mason Matthew
Bought by
Childs Jarrad T
Seller's Agent
Sarah Hallberg
Lake Homes Realty
Buyer's Agent
John Dwaileebe
Howard Hanna Professionals - Olean
List Price
$114,900
Sold Price
$77,500
Premium/Discount to List
-$37,400
-32.55%
Current Estimated Value
$121,053

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$43,553
Avg. Annual Appreciation
16.20%
Original Mortgage
$62,000
Outstanding Balance
$60,086
Interest Rate
6.61%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$60,967

Purchase Details

Closed on
Oct 10, 2018
Sold by
Witherell Dana
Bought by
Mason Matthew

Purchase Details

Closed on
Jul 13, 2018
Sold by
Witherell Dana
Bought by
Mason Matthew

Purchase Details

Closed on
Oct 23, 2001
Sold by
-Doro Witherell Richard G
Bought by
-Rosalie Witherell Dana L
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Childs Jarrad T $77,500 None Available
Mason Matthew -- None Available
Mason Matthew -- None Available
Mason Matthew -- --
-Rosalie Witherell Dana L -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Childs Jarrad T $62,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
01/10/2023 01/10/23 Sold $77,500 -13.8% $35 / Sq Ft
09/28/2022 09/28/22 Pending -- -- --
08/30/2022 08/30/22 Price Changed $89,900 -10.0% $40 / Sq Ft
08/17/2022 08/17/22 Price Changed $99,900 -13.1% $45 / Sq Ft
07/21/2022 07/21/22 For Sale $114,900 -- $51 / Sq Ft
Source: Chautauqua-Cattaraugus Board of REALTORS®

Tax History Compared to Growth

Source: Public Records

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 $2,907 $68,500 $10,300 $58,200
2023 $2,856 $68,500 $10,300 $58,200
2022 $2,749 $68,500 $10,300 $58,200
2021 $2,807 $68,500 $10,300 $58,200
2020 $2,821 $68,500 $10,300 $58,200
2019 $1,580 $68,500 $10,300 $58,200
2018 $2,854 $68,500 $10,300 $58,200
2017 $4,589 $68,500 $10,300 $58,200
2016 $2,741 $68,500 $10,300 $58,200
2015 -- $68,500 $10,300 $58,200
2014 -- $68,500 $10,300 $58,200
Source: Public Records

Agents Affiliated with this Home

  • Sarah Hallberg

    Seller's Agent in 2023

    Sarah Hallberg

    Lake Homes Realty

    (716) 499-1387

    1 in this area

    152 Total Sales

    Sarah Hallberg
    Section Image

  • J

    Buyer's Agent in 2023

    John Dwaileebe

    Howard Hanna

    (716) 378-3953

    9 in this area

    101 Total Sales

    John Dwaileebe
    Section Image
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Map

Source: Chautauqua-Cattaraugus Board of REALTORS®

MLS Number: R1422255

Chautauqua-Cattaraugus Board of REALTORS®

APN: 047489-104-001-0002-013-000-0000

New York Cattaraugus County Olean 14760

1097 Promised Land Rd, Olean, NY

Not Listed for Sale

MultiFamily

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