566 Colvin Ave - Apartments FOR SALE


Buffalo, NY 14216
$15,500,000 USD
716-874-3530
566 Colvin Ave, Buffalo, NY for Sale
$15,500,000 USD
Apartments - FOR SALE
1/19
null | 6.29% Cap Rate

566 Colvin Ave
Buffalo, NY 14216


HIGHLIGHTS

  • 6 SUBURBAN LOCATIONS, STRONG TENANCY, STRONG OCCUPANCY
  • BOTH SUBMETERED AND SEPERATE UTILTITIES, KITCHEN APPLIANCES INCLUDED, BATHS WITH TUB & SHOWERS
  • OFF STREET PARKING, STORAGE AND ONSITE LAUNDRY FACILITIES
  • ALL COMMUNITIES CLOSE TO SHOPPING, SCHOOLS, PUBLIC TRANSPORTAION AND MAJOR ROADWAYS
  • LOCATIONS ARE IN ERIE AND NIAGARA COUNTIES
  • PORTFOLIO SALE, NO SEPERATION OF PROPERTIES

OVERVIEW

GREAT WNY MULTIFAMILY ASSET OFFERING! THE BUFFALO-NIAGARA PORTFOLIO IS COMPRISED OF 6 SEPERATE COMMUNITES, (ALL WITHIN 3-20 MINUTES OF EACH OTHER) WITH 15 BUILDINGS, TOTALING 157,692 SQAURE FEET, ALL LOCATED IN ERIE & NIAGARA COUNTIES. THE PROPERTIES ARE SELF MANAGED BY CURRENT OWNER. THE MAKEUP OF THE UNITS ARE 1- AND 2-BEDROOM GARDEN STYLES, WITH SINGLE FULL BATHS. THERE IS A COMBINATION OF BOTH COMMON AND SUB-METERED UTITLTIES. CURRENT OWNERSHIP WILL BE LOOKING TO COMPLETE A 1031 EXCHANGE. THE PROPERTIES WILL BE SOLD AS ONE ENTITY AND CANNOT BE SOLD SEPERATELY. APPLIANCES, OFF STREET PARKING, GARAGES, LAUNDRY AND STORAGE ARE OFFERED. SEVERAL PROPERTIES ARE “PET FREINDLY! TENANCY IS MARKET RATE WITH A SMALL PERCENTAGE OF RENTAL ASSISTANCE TENANTS. ANNUAL LEASES ALL LOCATIONS ARE IN STRONG RESIDENTIAL COMMUNITIES, C+ TO B+ CLASS UNITS. EASY ACCESS TO BUSINESS DISTRICTS, SCHOOLS, PARKS AND RECREATION AREAS ALONG WITH RETAIL HUBS, AND MAJOR ROADWAYS WITH PUBLIC TRANSPORTATION. CURRENT RENTS RE APPROX. 92% OF PROJECTED TARGETED MARKET RENTS. NO PRIVATE FINANCING AVAILABLE. NO UNACCOMPANIED VISITS PLEASE

FOR SALE DETAILS

PRICE

$15,500,000 USD

PRICE/SF

$754 USD /SF

# OF UNITS

157

PRICE/UNIT

$98,726

CAP RATE

6.29%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1950

PARKING SPACES

200

LAND DETAILS

LAND ACRES

4.79 AC

LAND SF

208,652 SF

ZONING

N-3R

APN/PARCEL ID

140200-078-400-0003-022-000,140200-078-400-0003-023-000,140200-078-400-0003-024-000

ASK ABOUT THIS PROPERTY

Michael BattagliaNetwork One RealtyMore Info
716-874-3530

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Michael BattagliaNetwork One RealtyMore Info
716-874-3530

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