Open House
Sat Oct 24, 12:00pm - 2:00pm
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,234 sqft
Price per Sqft $96
MLS Listing ID B1722533
Style Fourplex
Bedrooms 4
Full Baths 4
Construction Status Existing
HOA Y/N No
Year Built 1885
Annual Tax Amount $9,937
Lot Size 4,917 Sqft
Acres 0.1129
Lot Dimensions 40X123
Property Sub-Type Multi Family
Property Description
The sellers invested roughly $50,000 this year so the next owner doesn't have to. The sewer line was replaced in PVC from the street to the house, with all-new backfill, and a brand-new concrete driveway was poured on top for off-street parking, a true rarity in this part of the city. The chimney, paint, landscaping and front patio were also refreshed, and a private backyard rounds out the lot.
The mechanicals are solid. The boiler serving units 1, 3 and 4 was rebuilt two years ago. Unit 2 has two gas fireplace inserts on its own thermostat. The building has four electric meters, new sub-panels in each apartment, circuit breakers and a 75-gallon hot water tank. Baths are finished in stone, and every unit is working and rent ready.
All four one-bedroom, one-bath apartments are vacant, so the next owner sets the rents and chooses every tenant from day one. The lower unit has room to add a second bedroom, and a shared laundry room adds income.
The numbers work. Pro forma rents of $1,850 for the lower unit and $1,500 for each upper unit produce $76,200 in gross potential income and a projected NOI of about $44,000. That is a 7.35% cap rate at $149,750 per door.
For owner-occupants, this is a textbook house hack: live in one unit and let three tenants carry most of your housing cost. For investors, it is a vacant, value-ready asset in one of Buffalo's most established neighborhoods, a location whose next thirty years are written in its last hundred.
Location
State NY
County Erie
Area Buffalo City-140200
Direction On N Pearl between Virginia and Allen Street.
Rooms
Basement Full
Interior
Interior Features Attic, Entrance Foyer, Natural Woodwork
Heating Gas, Forced Air, Space Heater, Wall Furnace
Cooling Window Unit(s)
Flooring Ceramic Tile, Hardwood, Laminate, Luxury Vinyl, Tile, Varies
Fireplace No
Appliance Gas Water Heater
Laundry Common Area
Exterior
Exterior Feature Fence
Fence Partial
Utilities Available Electricity Available, Electricity Connected, High Speed Internet Available, Sewer Connected, Water Connected
Roof Type Asphalt,Flat,Slate,Tile
Building
Lot Description Historic District, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Story 3
Foundation Stone
Sewer Connected
Water Connected, Public
Architectural Style Fourplex
Structure Type Brick,Wood Siding,Copper Plumbing,PEX Plumbing
Construction Status Existing
Schools
School District Buffalo
Others
Senior Community No
Tax ID 140200-100-780-0004-008-000
Acceptable Financing Cash, Conventional, FHA, VA Loan
Listing Terms Cash, Conventional, FHA, VA Loan
Special Listing Condition Standard
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