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Mitchell Square Apartments 959 Broadway St

35 Unit Apartment Building $3,000,000 ($85,714/Unit) 6.97% Cap Rate Buffalo, NY 14212

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Investment Highlights

Heavy foot traffic area.
Next to the Broadway Market.

Corner of a main street and secondary street.
Down the street from multiple retail stores including, Starbucks, Rite Aid, and Family Dollar.

Executive Summary

Rare opportunity to own a well maintained 35 unit, all brick building located on a main road in the city of Buffalo. The building consists of 35 total units, featuring 5 commercial units on the ground floor with long term tenants, 27 (2) bed units and 3 (1) bed units. With 51,000+ SqFt, each unit is very large making them desirable and easy to rent. Each floor has coin-op laundry adding additional income and a fully electric elevator servicing the entire building. Separate gas/electric utilities for entire building.Each unit has a forced air unit, water tank and electric panel (100 amp) in-unit. Significant capital improvements made to the elevator and to the electrical, which includes 3 phase 400 amp coming into the building. The basement features LED lighting and is wide open, can be used to add building amenities or add additional units Parking lot directly behind the building located at 697 Fillmore Ave can also be purchased separately. Current owner has began increasing rents to $1,000, there is tremendous upside in revenue once rents are increased. New gas meters have just been installed outside and is up to date on city inspection. Also listed as commercial, MLS#B1559065

Pro-Forma Income Approach

Income Approach As Is

Property Facts

Price	$3,000,000	Apartment Style	Mid Rise
Price Per Unit	$85,714	Building Class	C
Sale Type	Investment	Lot Size	0.44 AC
Cap Rate	6.97%	Building Size	51,443 SF
No. Units	35	No. Stories	4
Property Type	Multifamily	Year Built	1900
Property Subtype	Apartment General Retail Storefront Retail/Residential Multifamily Dormitory	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$3,000,000
Price Per Unit	$85,714
Sale Type	Investment
Cap Rate	6.97%
No. Units	35
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront Retail/Residential Multifamily Dormitory
Apartment Style	Mid Rise
Building Class	C
Lot Size	0.44 AC
Building Size	51,443 SF
No. Stories	4
Year Built	1900
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.