509 Lafayette Ave - Apartments FOR SALE


Buffalo, NY 14222
$1,300,000 USD
716-866-0593
509 Lafayette Ave, Buffalo, NY for Sale
$1,300,000 USD
Apartments - FOR SALE
1/15
null | 5.85% Cap Rate

509 Lafayette Ave
Buffalo, NY 14222


HIGHLIGHTS

  • LOCATION AND PARKING
  • BRICK & FRAME BUILDING
  • GOOD TENANTS

OVERVIEW

THIS BUILDING IS LOCATED IN THE MOST DESIRABLE AREA OF BUFFALO. MOST OF THE SURROUNDING PROPERTIES ARE SINGLE FAMILY DWELLINGS. ALL INCOME AND EXPENSE FIGURES ARE ACTUAL FIGURES FOR 2024 WITH THE EXCEPTION OF ESTIMATED DECEMBER GAS BILL ($500) AND HOUSE ELECTRIC BILL ($70). THIS IS A BRICK AND FRAME BUILDING. THE ROOF WAS A TEAR OFF BY NETH & SONS IN 2023, A WARRANTY REMAINS. THE CHIMNEY WAS REBUILT AND A NEW FLUE INSTALLED IN 2022. THERE IS A 7 CAR GARAGE AND 3 OUTSIDE PARKING SPACES. NEW SPRINKLER HEADS WERE INSTALLED IN 2023. THE SYSTEM IS INSPECTED BY DAVIS ULLMER EACH YEAR. THE HARDWIRE HALLWAY AND BASEMENT SMOKE DETECTORS WERE REPLACED IN 2022. 6 BATHROOMS AND 3 KITCHENS WERE GUTTED AND REMODELED OVER THE LAST 8 YEARS. TENANTS PAY ELECTRIC, HEAT AND HOT WATER ARE INCLUDED IN THE RENT. THERE ARE 2 WASHERS AND 1 DRYER WHICH TENANTS HAVE FREE USE OF. EACH TENANT HAS A BASEMENT STORAGE UNIT. WITH THE EXCEPTION OF UNIT 4 (LEASE UNTIL 10/31/2025) RENTS LAST RAISED IN 2023. ONE GARAGE HAS AN AUTOMATIC OPENER WHICH BELONGS TO THE TENANT.

FOR SALE DETAILS

PRICE

$1,300,000 USD

PRICE/SF

$148 USD /SF

# OF UNITS

9

PRICE/UNIT

$144,444

CAP RATE

5.85%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

12,278 SF

ZONING

-

APN/PARCEL ID

140200-100-210-0002-004-000

ASK ABOUT THIS PROPERTY

Dolores SheehanDolores SheehanMore Info
716-866-0593

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Dolores SheehanDolores SheehanMore Info
716-866-0593

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.