84 Mariner St Buffalo, NY 14201
16-unit multifamily property in Buffalo's Allentown neighborhood.
Type:Multifamily
Property size:
11,872 SF- Added:
- Aug 6, 2024
- Days on Market:
- 628
- Last Refresh:
- Mar 17 at 1:26 pm
Property Features for 84 Mariner St
General Information
- Standard status
- Active
- Size
- 11,872 SF
- Property subtype
- Multifamily
Listing agent David Nissanian License #10311201336 NY
Listing office ZUZ REALTY
Listing date Aug 6, 2024
Source Crexi
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
Overview
Allentown Multifamily Investment Opportunity
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%.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Buffalo
- County
- Erie
- State
- New York
- Longitude
- -78.877916
- Latitude
- 42.899026
Nearby Similar for Sale
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.
