566-582 -Colvin Ave Buffalo, NY 14216
- Apartment buildings
- 157,992 SF
- 5.20 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 0 566-582 -Colvin Ave
- Year built
- 1965
- Lot size
- 5.20 lot acres
- Property size
- 157,992 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Buffalo
- County
- Erie
- State
- New York
- Longitude
- -78.8589
- Latitude
- 42.9566
