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18-22 Colton Ave Lackawanna, NY 14218

For Sale
$1,398,000

Fourteen-unit, fully rented multifamily property with income upside.

Property size:
16,823 SF

Property Features for 18-22 Colton Ave

General Information

Size
16,823 SF

Building Details

Year built
1970

Source: Nicholas Corto Agent Nicholas Corto

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Fully Rented Lackawanna Multifamily Investment

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.
Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Lackawanna
County
Erie
State
New York
Longitude
-78.8261936
Latitude
42.8252324

FAQs

What type of property is this?
Apartment building - Fourteen-unit, fully rented multifamily property with income upside.
Where is this apartment building located?
The property is located at 18-22 Colton Ave Lackawanna, NY.
What is the asking price?
The asking price for this property is $1,398,000.
What are key features of this property?
This property features: - Fully rented 14-unit building generating $159,180 gross annual income; - Significant upside potential to increase rents; - Low-maintenance property with tenants paying separate electric
More about this property
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