Listed by Network One Realty
$1,175,000
LOCKPORT VIEWS APARTMENTS
Details
APN 290900 109.10-1-13.1
Property Type Multifamily
Sub Type Apartment Building
Square Footage 9,580
Net Rentable (SqFt) 9,580
Units 1
Cap Rate 7.00%
NOI $82,000
Pro-Forma Cap Rate 9.10%
Pro-Forma NOI $108,000
Class B
Year Built 1940
Year Renovated 2008
Buildings 3
Stories 2
Lot Size (SqFt) 60,984
Parking Spaces spaces
VALUE ADD OPPORTUNITY 11+ RENTAL UNITS WITH DEVELOPMENT SITE
Marketing description
- 11 TWO BEDROOM SINGLE BATH UNITS
- STRONG PIPELINE FOR TENANCY
- VALUE ADD WITH LEASE "TRADEOUTS" PLUS LAND FOR FUTUTE DEVELOPMENT
- ALL UNITS HAVE BEEN UPGRADED, WITH OWNER CAP EX. CONTINUED
- 3 BUILDINGS, TOTAL.
- ONE COTTAGE BUILDING, A 3 UNIT BUILDING AND A 7 UNIT BUILDING
- MAINT. SHED ON SITE
- 1+ ACRE FOR FUTUTE DEVELOPMENT, RENDERING AVAILABLE
- PUBLIC UTITLTIES
- TENANCY IS MONTH TO MONTH AND LEASED
Investment highlights
THE LOCKPORT VIEWS APARTMENTS, COSTRUCTED IN 1940'S AND REHABBED IN THE MID 2000'S, IS AN EXCELLANT TURNKEY INVESTMENT FEATURING 11 ACTIVE RENTAL UNITS, ALL 2 BEDROOM SINGLE BATH, WITH EXISTING SPACE FOR THE POTENTIAL FOR AN ADDITIONAL 12TH UNIT. UN ADDITION, THE ASSET OFFERS A FORECASTED INVESTMENT OPPORTUNITY TO CONSTRUCT 16-22 ADDITIONAL UNITS.
ALL INCOME AND EXPENSE DATA IS BASED ON "INPLACE NUMBERS FOR THE 11 ACTIVE RENTAL UNITS.
ALL APARTMENTS ARE SUB-METERED, FOR HAT AND ELECTRIC. THERE IS PLENTY OF OFF-STREET PARKING, KITCHENS FEATIRE MODERN CABINETRY AND APPLIANCES, AND THE BATHROOMS HAVE BOTH TUB AND SHOWER UNITS.
STRONG TENANCY, CLOSE TO THE CITY OF LOCKPORT N.Y. CBD, THE ERIE CANNAL, PARKS AND PUBLIC TRANSPORTATION.
Listing Contacts
Listed by Network One Realty
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$82,000.00
$6,833.33/mo
Valuation Metrics
0
DSCR
6.98%
Cap Rate
6.98%
ROI
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