58 Park St Buffalo, NY 14201

Property Details for 58 Park St

Year built

1900

Property size

4,799 SF

Property type

Commercial real estate

Description

This exceptional Class A, 4-unit apartment building at 58 Park St., Buffalo, NY 14201, presents a lucrative investment opportunity. Boasting 4,799 square feet, this two-story building underwent a complete renovation in 2018, encompassing all mechanical, plumbing, and electrical systems, as well as the roof and basement. The property features two 2-bedroom units and two 1-bedroom units, each with its own gas, electric, hot water, heat, air conditioning, and parking (6 spaces total). High-end finishes include tall ceilings, recessed lighting, stone countertops, hardwood floors, and new solid wood windows. Each unit also offers patio/deck or balcony space. Situated in a vibrant, walkable neighborhood less than a mile from downtown Buffalo and blocks from the Buffalo Niagara Medical Corridor, this property benefits from a prime location. Historically successful as a short-term rental (Airbnb), it offers a proven track record with over 750 reviews and a 4.5-star overall rating. Gross annual income has consistently exceeded $65,000 since 2019, reaching $97,722.47 in 2022, and is currently on track for significant earnings in 2023. All furniture, fixtures, and equipment (FF&E) are included in the sale. The asking price is $700,000, representing $175,000 per unit and $145.86 per square foot. This is a stabilized multifamily investment with significant upside potential.