18-22 Colton Ave Lackawanna, NY 14218

This is a rare opportunity for investors to acquire a fully rented, low-maintenance, cash-flowing 14-unit property in Lackawanna, NY. The property generates a gross annual income of $159,180, with potential for increased rents. Each of the units features a similar layout, including 2 large bedrooms, 1 full bath with ceramic tile, a kitchenette, a large living space, and hardwood floors throughout. Tenants are responsible for their individual electric bills, while gas and water are included in the rent. The building has a solid poured foundation with a full basement and a large parking lot in the rear for tenant convenience. The mechanical systems are in good working order, with 2 boilers installed in 2021, and circuit breakers are separately metered. A coin laundry is located in the basement, and each tenant has a dedicated storage unit. The current property manager is open to remaining with the property under new ownership. Due to a waiting list of prospective tenants, vacancy rates remain low. The property is being sold as a package deal consisting of 14 units, each with 2 bedrooms and 1 bath. The tenant-occupied building requires advance notice for showings, with a preference for 48 hours. Only 3 units are available for initial showings; a full inspection of the entire building can be conducted during due diligence. The package includes 8 units at Colton Ave and 6 units at Maple Grove. Commercial financing or cash is required for purchase. All tenants are currently on month-to-month leases at below-market rents, presenting an excellent value-add opportunity. The roof is approximately 10 years old. The Maple Grove location is near South Park Ave.