509 Lafayette Ave
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509 Lafayette Ave
9 Unit Apartment Building $1,300,000 ($144,444/Unit) 5.85% Cap Rate Buffalo, NY 14222
Investment Highlights
- LOCATION AND PARKING
- GOOD TENANTS
- BRICK & FRAME BUILDING
Executive Summary
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.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$125,400
|
$14.23
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$500
|
$0.06
|
| Effective Gross Income |
$124,900
|
$14.18
|
| Taxes |
$22,768
|
$2.58
|
| Operating Expenses |
$26,524
|
$3.01
|
| Total Expenses |
$49,292
|
$5.60
|
| Net Operating Income |
$75,608
|
$8.58
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $125,400 |
| Annual Per SF | $14.23 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $500 |
| Annual Per SF | $0.06 |
| Effective Gross Income | |
|---|---|
| Annual | $124,900 |
| Annual Per SF | $14.18 |
| Taxes | |
|---|---|
| Annual | $22,768 |
| Annual Per SF | $2.58 |
| Operating Expenses | |
|---|---|
| Annual | $26,524 |
| Annual Per SF | $3.01 |
| Total Expenses | |
|---|---|
| Annual | $49,292 |
| Annual Per SF | $5.60 |
| Net Operating Income | |
|---|---|
| Annual | $75,608 |
| Annual Per SF | $8.58 |
Property Facts
| Price | $1,300,000 | Building Class | C |
| Price Per Unit | $144,444 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 8,810 SF |
| Cap Rate | 5.85% | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1948 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Apartment Style | Low Rise |
| Price | $1,300,000 |
| Price Per Unit | $144,444 |
| Sale Type | Investment |
| Cap Rate | 5.85% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 8,810 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1948 |
| Parking Ratio | 1.14/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Laundry Facilities
- Storage Space
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Walk Score ®
Walker's Paradise (93)
Bike Score ®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 140200-100-210-0002-004-000 | Total Assessment | $810,000 (2023) |
| Land Assessment | $117,400 (2023) | Annual Taxes | $22,768 ($2.58/SF) |
| Improvements Assessment | $692,600 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
140200-100-210-0002-004-000
Land Assessment
$117,400 (2023)
Improvements Assessment
$692,600 (2023)
Total Assessment
$810,000 (2023)
Annual Taxes
$22,768 ($2.58/SF)
Tax Year
2024
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Presented by
Dolores Sheehan
509 Lafayette Ave
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