Turnkey Multifamily Investment
51-55 Washington Street, Lockport, NY 14094
Established residential community with growth potential in historic Lockport.
Type:Commercial Sale / Apartment
Property size:
9,578 SFPrice / SF:
$124/SF- Added:
- Oct 20, 2025
- Days on Market:
- 225
- Last Refresh:
- Mar 13 at 2:16 pm
Property Features for 51-55 Washington Street
General Information
- Standard status
- Active
- Size
- 9,578 SF
- Property subtype
- Commercial Sale / Apartment
Building Details
- Year Built
- 1940
Listing agent Todd P Danni License #10301215391 (716) 274-4663
Listing office Envision Real Estate Commercial (716) 274-4663
Listing date Oct 20, 2025
Source Compass
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HighLights
- Turnkey multifamily investment with immediate cash flow and substantial growth potential.
- 11 out of 12 units fully updated with modern finishes and energy‑efficient appliances.
- Cleared land available for potential construction of 22 additional units, nearly doubling the property's size.
- Comprehensive renovations completed, including refreshed interiors, newer mechanics, windows, upgraded common areas, and enhanced landscaping.
- Low maintenance costs and high tenant appeal due to recent updates and durable materials.
- Located in the historic Lockport area with easy access to local amenities, schools, and commuting routes.
Overview
Lockport Views Apartments presents a turnkey multifamily investment opportunity. This well-established residential community offers immediate cash flow and substantial growth potential in the historic Lockport area. The property consists of three modern buildings with a total of 12 spacious units. Eleven of these units have been fully updated with contemporary finishes, energy-efficient appliances, and amenities. Comprehensive renovations have been completed, including refreshed interiors, newer mechanics, windows, upgraded common areas, and enhanced landscaping. The property includes cleared land suitable for the potential construction of an additional 22 units. The total square footage of all buildings combined is 9578 square feet. The location provides easy access to local amenities, schools, and commuting routes.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.0k | $15.24 |
| − Vacancy | −$10.2k | −$1.07 |
| EGI | $135.8k | $14.17 |
| − OpEx | −$61.1k | −$6.38 |
| NOI | $74.7k | $7.80 |
9,578 SF · lease $15.24/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$933.3K – $1.24M
NOI $74,663 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$8.14M
$7.12M – $9.49M
NOI $569,687 @ 7.0% cap · market cap 47.87%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lockport
- County
- Niagara
- State
- New York
- Longitude
- -78.691482
- Latitude
- 43.1761436
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Established residential community with growth potential in historic Lockport.
Where is this apartment building located?
The property is located at 51-55 Washington Street Lockport, NY.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Turnkey multifamily investment with immediate cash flow and substantial growth potential.; 11 out of 12 units fully updated with modern finishes and energy‑efficient appliances.; Cleared land available for potential construction of 22 additional units, nearly doubling the property's size.
