Allentown Multifamily Investment
84 Mariner St Buffalo, NY 14201
For Sale
Contact for pricing
16-unit multifamily property in Buffalo's Allentown neighborhood.
Property Size11,872 SF
Price / SF$82.13
Days on Market724
Property Features for 84 Mariner St
General Information
Standard status
Active
Size
11,872 SF
Property subtype
Multifamily
Listing Agency:
ZUZ REALTY
Listed By:
David Nissanian · License #10311201336 NY
Source:
Crexi
Added: Aug 6, 2024
Changed: Jul 10
Last Checked: Jul 29 at 3:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ZUZ REALTY
Investment Insights
Based on property information with market context.
This 11,872 square foot multifamily property, located on Mariner St in Buffalo, NY, presents a value-add investment opportunity. Situated in the Allentown neighborhood, the property features 16 units. The property is comprised of Section 8 units. The average rent per unit is $1,500 per month, resulting in an annual gross income of $288,000. The net operating income (NOI) is $208,000, with a cap rate of approximately 20.4%. The property is located close to Buffalo's downtown and major attractions. A construction budget of $800,000 is anticipated, including $600,000 in hard costs for renovations, materials, and labor, and $200,000 in soft costs for permits, inspections, and architectural fees. The total investment, including the purchase price of $1,018,000 and the construction budget, is $1,818,000. With projected rent increases to $1,650 per month, the projected annual gross income is $316,800, and the projected net operating income (NOI) is $238,400, resulting in a projected cap rate of approximately 13.1%.
Key Highlights
- High Cap Rate: Approximately 20.4% based on current NOI.
- Stable Income: Section 8 units provide government‑backed rental income.
- Value‑Add Potential: Opportunity for renovation and repositioning to increase cash flow.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit multifamily property in Buffalo's Allentown neighborhood.
Where is this apartment building located?
The property is located at 84 Mariner St Buffalo, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: High Cap Rate: Approximately 20.4% based on current NOI.; Stable Income: Section 8 units provide government‑backed rental income.; Value‑Add Potential: Opportunity for renovation and repositioning to increase cash flow.
