31 Tamarack StBuffalo, NY 14220

Property Details for 31 Tamarack St

Year built

1922

Property size (Sq ft)

17,478 SF

Zone code

N-3R

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

140200 133.32-5-1.12

APU

140200133325112

Description

This stunning 32-unit apartment building, located at 31 Tamarack St in Buffalo, NY, presents a unique investment opportunity. Originally constructed in 1926 and extensively renovated in 2016, this Class A property boasts 53,390 square feet and offers a compelling 7.50% cap rate. The building, a converted historic schoolhouse, features spacious loft apartments with 12-foot ceilings and large windows, maximizing natural light. Each unit includes high-efficiency central air conditioning and heating, energy-rated appliances, and an in-unit washer and dryer. Many original historic features, such as hardwood floors, slate blackboards, and original doors and hardware, have been meticulously preserved and restored. On-site parking is also available. With a price of $3,500,000 ($109,375 per unit and $65.56 per square foot), this property offers a blend of historical character and modern amenities in a desirable South Buffalo location, presenting significant potential for future growth and strong rental income. The property is situated in Erie County, NY, zip code 14220.

• CAP approach

  CAP return

  Valuation

  6%

  $3,170,569

  6.5%

  $2,926,679

  7%

  $2,717,630

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,672,124

  Geo Method

  $1,099,541

• Alternative Use

  Use

  Valuation

  Residential

  $3,629,082

  Hospitality

  $3,324,220

  Educational

  $2,765,712

  Medical

  $2,860,829

  Retail

  $4,302,218

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.8511

Longitude

-78.8148

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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