384 Skillen St Buffalo, NY 14207

This exceptional investment opportunity presents a stabilized, 12-unit apartment building located at 384 Skillen Street in Buffalo, New York. The property boasts a total of 13,370 square feet, with 9,188 square feet of net rentable space. Currently operating at 100% occupancy, the building generates a strong net operating income (NOI) of $92,000, projecting to $99,000 pro-forma. This translates to a current cap rate of 9.20% and a pro-forma cap rate of 9.90%, representing significant potential for return on investment. The property features a mix of one and two-bedroom units, along with a single studio apartment, all with included appliances and utilities. Built in 1960 and extensively renovated between 2008 and 2021, the two-story brick building sits on a 7,139 square foot lot and is zoned for apartments. Conveniently located near public transportation and the Buffalo central business district, this property offers a compelling combination of strong current performance and future upside potential. The asking price is $999,900, or $83,325 per unit. The building includes on-site coin-operated laundry. All units are currently leased, with a mix of month-to-month and longer-term tenancies.