959 Broadway Buffalo Ny 14212 Buffalo, NY 14212

Property Details for 959 Broadway Buffalo Ny 14212

Year built

1900

Lot size

0.44 lot acres

Property size

51,443 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a well-maintained, 35-unit all-brick apartment building situated on a main thoroughfare in Buffalo, NY. The property boasts 51,443 square feet, encompassing five ground-floor commercial units with long-term tenants, twenty-seven two-bedroom units, and three one-bedroom units. Each unit is generously sized, enhancing desirability and ease of rental. Building amenities include coin-operated laundry on each floor generating supplemental income, and a fully functional electric elevator. Separate gas and electric utilities serve the entire building, while each unit features individual forced-air heating, a water tank, and a 100-amp electric panel. Substantial capital improvements have recently been completed, including upgrades to the elevator and electrical systems (now featuring a 3-phase 400-amp service). The spacious, LED-lit basement offers potential for future expansion or amenity additions. A separate parking lot at 697 Fillmore Ave is available for purchase. The property currently enjoys a 6.97% cap rate and a Net Operating Income (NOI) of $209,048, with significant revenue upside potential through planned rent increases to $1,000 per unit. Recent upgrades include new exterior gas meters and the property is compliant with all city inspections. The building is zoned N-3C and sits on a 0.44-acre lot. This stabilized multifamily investment offers a compelling return on investment with substantial future growth prospects. Detailed financial information is available upon request. The asking price is $3,000,000 ($85,714 per unit and $58.32 per square foot). Built in 1900, the four-story building is located at 959 Broadway, Buffalo, NY 14212.