8305 Buffalo Ave Niagara Falls, NY 14304

Property Details for 8305 Buffalo Ave

Year built

1962

Lot size

2.20 lot acres

Property size

66,000 SF

Property type

Commercial real estate

Description

This exceptional 60-unit apartment building, located at 8305 Buffalo Ave in Niagara Falls, NY, presents a compelling investment opportunity. The property boasts 66,000 square feet of total space, with 49,000 square feet of net rentable area, currently achieving a 97% occupancy rate. Comprised of six, two-story buildings, each housing 10 garden-style units (a mix of one- and two-bedroom layouts), the complex offers spacious units featuring eat-in kitchens and appliances. Built in 1962 and extensively renovated between 2008 and 2021, the property features masonry and stucco exteriors, with flat roofs replaced within the last decade. Amenities include tenant storage, coin-operated laundry facilities, and ample surface parking. The property sits on a 2.2-acre lot in the Lasalle District, offering convenient access to the Niagara Falls Factory Outlet Mall, restaurants, shopping, schools, parks, and recreation. Its strategic location provides easy access to major roadways and interstate thruways, connecting to scenic Niagara Falls, Lewiston, and the Greater Buffalo region. The property benefits from its proximity to the Canadian border (15 minutes) and the Greater Buffalo CBD (25 minutes). Public transportation is available on-site. The current Net Operating Income (NOI) is $363,062, with a pro-forma NOI of $411,884, resulting in a current cap rate of 6.72% and a pro-forma cap rate of 7.63%. The asking price is $5,400,000, representing a price per unit of $90,000 and a price per square foot of $81.82. This stabilized investment presents a value-add opportunity with potential for growth through capital expenditures and lease trade-outs. The property is offered fee simple.

Location Insight

City

Niagara Falls

County

Niagara

State

New York

Longitude

-78.969686569375

Latitude

43.075022604577