0 566-582 -Colvin AveBuffalo, NY 14216

Property Details for 0 566-582 -Colvin Ave

Year built

1965

Lot size

5.20 AC

Property size (Sq ft)

157,992 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of 157 apartment units across 15 buildings situated on 5.2 acres in Erie and Niagara Counties, NY. The portfolio, comprised of six garden-style communities, offers a mix of one- and two-bedroom units with varied floor plans. Built between 1965 and 2003, with renovations completed between 2010 and 2020, the property boasts 98% occupancy (as of February 1, 2024) and a strong NOI of $956,000, projected to increase to $1,070,000. The portfolio features a mix of common and sub-metered utilities (natural gas heat, sub-metered electricity, landlord-paid water), on-site laundry facilities, off-street parking, and garages. Amenities include appliances and storage. The properties are located in established residential neighborhoods with convenient access to business districts, schools, parks, retail, and public transportation. Currently, rents are approximately 90% of market rate, presenting a significant value-add opportunity through rent adjustments. The asking price is $15,500,000 ($98,726.11 per unit, $98.11 per square foot), offering a 6.55% cap rate and a pro-forma cap rate of 7.70%. The sale is structured for a 1031 exchange. No private financing is available. The property is being sold as a single entity. No unaccompanied visits.

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.9566

Longitude

-78.8589

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