566 Colvin Ave
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566 Colvin Ave
157 Unit Apartment Building $15,500,000 ($98,726/Unit) 6.29% Cap Rate Buffalo, NY 14216
Investment Highlights
- 6 SUBURBAN LOCATIONS, STRONG TENANCY, STRONG OCCUPANCY
- OFF STREET PARKING, STORAGE AND ONSITE LAUNDRY FACILITIES
- LOCATIONS ARE IN ERIE AND NIAGARA COUNTIES
- BOTH SUBMETERED AND SEPERATE UTILTITIES, KITCHEN APPLIANCES INCLUDED, BATHS WITH TUB & SHOWERS
- ALL COMMUNITIES CLOSE TO SHOPPING, SCHOOLS, PUBLIC TRANSPORTAION AND MAJOR ROADWAYS
- PORTFOLIO SALE, NO SEPERATION OF PROPERTIES
Executive Summary
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
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
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,750,320
|
$85.17
|
| Other Income |
$15,000
|
$0.73
|
| Vacancy Loss |
$52,510
|
$2.55
|
| Effective Gross Income |
$1,712,810
|
$83.34
|
| Taxes |
$234,579
|
$11.41
|
| Operating Expenses |
$503,679
|
$24.51
|
| Total Expenses |
$738,258
|
$35.92
|
| Net Operating Income |
$974,552
|
$47.42
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $1,750,320 |
| Annual Per SF | $85.17 |
| Other Income | |
|---|---|
| Annual | $15,000 |
| Annual Per SF | $0.73 |
| Vacancy Loss | |
|---|---|
| Annual | $52,510 |
| Annual Per SF | $2.55 |
| Effective Gross Income | |
|---|---|
| Annual | $1,712,810 |
| Annual Per SF | $83.34 |
| Taxes | |
|---|---|
| Annual | $234,579 |
| Annual Per SF | $11.41 |
| Operating Expenses | |
|---|---|
| Annual | $503,679 |
| Annual Per SF | $24.51 |
| Total Expenses | |
|---|---|
| Annual | $738,258 |
| Annual Per SF | $35.92 |
| Net Operating Income | |
|---|---|
| Annual | $974,552 |
| Annual Per SF | $47.42 |
Property Facts
| Price | $15,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $98,726 | Building Class | C |
| Sale Type | Investment | Lot Size | 4.79 AC |
| Cap Rate | 6.29% | Building Size | 20,552 SF |
| Gross Rent Multiplier | 8 | Average Occupancy | 98% |
| No. Units | 157 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 9.73/1,000 SF |
| Price | $15,500,000 |
| Price Per Unit | $98,726 |
| Sale Type | Investment |
| Cap Rate | 6.29% |
| Gross Rent Multiplier | 8 |
| No. Units | 157 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 4.79 AC |
| Building Size | 20,552 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 9.73/1,000 SF |
Unit Amenities
- Cable Ready
- Eat-in Kitchen
- Hardwood Floors
- Tub/Shower
- Carpet
- Attic
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 22 | $850.00 | 675 |
| 2+1 | 135 | $1,090 | 825 |
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Walk Score ®
Very Walkable (71)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,506,000 (2023) | |
| Land Assessment | $308,800 (2023) | Annual Taxes | $234,579 ($11.41/SF) |
| Improvements Assessment | $1,197,200 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$308,800 (2023)
Improvements Assessment
$1,197,200 (2023)
Total Assessment
$1,506,000 (2023)
Annual Taxes
$234,579 ($11.41/SF)
Tax Year
2024
zoning
| Zoning Code | N-3R (Residential) |
| N-3R (Residential) |
-
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Network One Realty
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566 Colvin Ave
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