Manhattan Sq Apartments
72-Unit Opportunity with Expiring LIHTC — Unlock Significant Rent Upside and Long-Term Value
Marketing description
Immediate Rent Upside: LIHTC to Market Rate Conversion
The property's recent exit from the LIHTC program releases it from restrictive rent caps, allowing rents to be immediately adjusted to competitive market rates.
Repositioning Strategy: Implement a phased conversion plan to market-rate rents upon tenant turnover, driving substantial top-line revenue growth. This move is supported by Buffalo's strong rental demand and increasing home values.
Potential Rent Growth: Based on initial market analysis, there is a clear opportunity for rent increases from the former restricted levels, offering a clear path to unlocking hidden equity.
The property at 190 Manhattan Ave is located in Buffalo’s Leroy / East Side neighborhood, putting it within close reach of key amenities and transit. It’s just minutes from Delaware Park and McCarthy Park, offering green space and recreational value. The area also benefits from dining and shopping along Main Street and nearby Hertel Avenue. Public transportation is accessible, with a nearby subway line providing a direct route to the Medical Campus, downtown Buffalo, and the University at Buffalo, improving connectivity for residents.
Investment highlights
The property’s structure, where all 72 units are already separately metered, is a critical operational advantage and a massive value driver.
Pre-Expiration Expense Burden: Under the LIHTC structure, the owner was likely responsible for many utility costs, significantly inflating Operating Expenses (OpEx) and depressing NOI.
Post-Expiration Strategy: The new owner can immediately begin passing utility costs (Gas, Electric ) to the tenants upon lease renewal or new occupancy.
NOI Enhancement: This simple, non-capital-intensive operational change will result in a direct and significant reduction in OpEx, leading to an immediate and measurable boost in the property’s Net Operating Income (NOI). This increase directly enhances the property’s valuation.
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