Back in April we posted a Construction Watch that featured 1030 Elmwood Avenue. Now, that fully restored 6-unit, circa 1900 apartment building is for sale for $1,499,000. The 4,784 SF building is located directly next door to Lofts @ 1020, which is home to Apricot Lane Boutique and Neighborhood Barre. The building is also just down the way from Bidwell Parkway (farmers’ market) and Douglas Development’s $10 million redevelopment of buildings on a block of Elmwood between Bidwell and Potomac Avenue (learn more).
From the listing agent at Hunt Commercial:
This property has undergone a complete renovation and every interior surface is brand new. With a diverse unit composition, this building consists of 4 spacious three bedroom units and 2 comfortable two bedroom units. Investors will find tremendous value and potential in this property. Located near Bidwell Parkway, tenants will have easy access to numerous shopping, dining, entertainment, and public transit these units will have high demand to limit vacancies. The building’s historic exterior maintains the charm of the area, and two level porches provide outdoor space for four of the units, new concrete pad allows for resident parking at the buildings rear. Whether new to real estate investing or experienced, this asset will make a great addition to any portfolio presenting a fantastic opportunity to capitalize on the growing demand for quality rental properties in Buffalo, NY.
Currently, the owners/sellers are receiving $2000 per month (plus utilities) for the apartments, with a 7.4% cap rate, according to real estate broker Alan Hastings.