84 Mariner St, Buffalo, NY 14201

Listing agent David Nissanian License #10311201336 NY

Listing office ZUZ REALTY

Listing date Aug 6, 2024

Source Crexi

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Overview

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%.

Suggested Use

Restaurant Real Estate Agency Spa & Massage Center Law Firm Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

Location Insight

• Map
• Local Demand

City

Buffalo

County

Erie

State

New York

Longitude

-78.877916

Latitude

42.899026

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FAQs

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.