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    566-582 -Colvin Ave Buffalo, NY 14216

    For Sale
    $15,500,000

    High-Yield Apartment Complex, Value-Add Opportunity

    Property size:
    157,992 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional investment opportunity presents a portfolio of 157 apartment units across 15 buildings situated on 5.2 acres in Erie and Niagara Counties, NY. The portfolio, comprised of six garden-style communities, offers a mix of one- and two-bedroom units with varied floor plans. Built between 1965 and 2003, with renovations completed between 2010 and 2020, the property boasts 98% occupancy (as of February 1, 2024) and a strong NOI of $956,000, projected to increase to $1,070,000. The portfolio features a mix of common and sub-metered utilities (natural gas heat, sub-metered electricity, landlord-paid water), on-site laundry facilities, off-street parking, and garages. Amenities include appliances and storage. The properties are located in established residential neighborhoods with convenient access to business districts, schools, parks, retail, and public transportation. Currently, rents are approximately 90% of market rate, presenting a significant value-add opportunity through rent adjustments. The asking price is $15,500,000 ($98,726.11 per unit, $98.11 per square foot), offering a 6.55% cap rate and a pro-forma cap rate of 7.70%. The sale is structured for a 1031 exchange. No private financing is available. The property is being sold as a single entity. No unaccompanied visits.

    Property Features for 0 566-582 -Colvin Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    157,992 SF
    Class
    B
    Lot Size
    226,512 SF

    Building Details

    Year Built/Renovated
    1965/2010
    Buildings
    15
    Stories
    2
    Units
    157

    HighLights

    • Strong rental demand in target markets.
    • High occupancy rate at 98%.
    • Strategic locations in Kenton, Buffalo, Niagara, and Niagara Falls.
    • Central heating and common heating systems.
    • Electric sub‑metered; water included.
    • Natural gas heating, metered and sub‑metered options.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.858877939969
    Latitude
    42.956586666064

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    FAQs

    What type of property is this?
    Multifamily property - High-Yield Apartment Complex, Value-Add Opportunity
    Where is this multifamily property located?
    The property is located at 566-582 -Colvin Ave Buffalo, NY.
    What is the asking price?
    The asking price for this property is $15,500,000.
    What are key features of this property?
    This property features: Strong rental demand in target markets.; High occupancy rate at 98%.; Strategic locations in Kenton, Buffalo, Niagara, and Niagara Falls.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    566-582 -Colvin Ave Buffalo, NY 14216
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