255 Ontario St Buffalo, NY 14207-1500

Property Details for 255 Ontario St

Year built

1913

Lot size

0.09 lot acres

Property size

3,358 SF

Zone code

N-3E

Property type

Investment properties

Property subtype

Live-work space

APN

140200 77.57-4-37

APU

1402007757437

Description

This exceptional mixed-use property at 255 Ontario Street in Buffalo, NY, presents a compelling investment opportunity. The four-unit building, totaling 3,598 net rentable square feet, is currently 100% occupied with a strong tenant mix. The storefront is situated in the thriving Riverside neighborhood, just 0.6 miles from the Niagara River and Black Rock Canal Park, and a convenient 5 miles from the Peace Bridge. The property underwent extensive renovations in 2023/2024, totaling approximately $100,000 in upgrades, encompassing electrical work, storefront improvements, roof replacement, hot water tank and furnace upgrades, flooring, plumbing, painting, and window replacements. The building features a Class B designation, with a two-story structure built in 1913, sitting on a 0.09-acre lot and offering 4 parking spaces. The current lease agreement spans 10 years, commencing July 1, 2024, and includes a 5-year renewal option with a 5% rent increase. The property boasts a Net Operating Income (NOI) of $41,345, making it an attractive addition to any investment portfolio. The property is zoned N-3E and has a current asking price of $399,000. This is a 1031 exchange eligible property. Its proximity to major attractions like Niagara Falls State Park (approximately 16.4 miles) and downtown Buffalo (5.5 miles) further enhances its investment potential. The property's strong cash flow and prime location in Buffalo's rapidly growing Riverside neighborhood make it a truly exceptional opportunity.