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Key Details
Sold Price $1,000,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 14,119 sqft
Price per Sqft $70
MLS Listing ID B1505069
Sold Date 02/16/24
Construction Status Existing
HOA Y/N No
Year Built 1920
Annual Tax Amount $12,557
Lot Size 5,871 Sqft
Acres 0.1348
Lot Dimensions 44X132
Property Description
Explore an investment opportunity in the heart of Buffalo's thriving West Side, where significant developments are fueling growth. Nestled on Niagara Street witness the 'Niagara Street Now' project, a monumental streetscape redesign by the City of Buffalo, setting the stage for the area's resurgence. Rich Products is at the helm of constructing a major film and TV studio complex (1.3 miles), promising to drive economic activity. D'Youville College (0.1 miles) from this site, has committed hundreds of millions for campus improvements, including a forthcoming $100M academic center. This property features an 8-unit mixed-use brick building (w/ 2 retail spaces) at the corner of Niagara/Jersey St, along with the adjacent 3-unit building at 181 Jersey St totaling 11 total rentable spaces. The property currently enjoys full occupancy, yielding an impressive ~$120k in top-line revenue and being marketed at a TRUE 6.37% cap rate.Rental rates for the 'tenanted' spaces are below market, offering room for favorable adjustments. Join the growth trajectory and capitalize on the promising market dynamics and position for attractive returns. Don't miss your chance to be part of Buffalo's future!
Location
State NY
County Erie
Area Buffalo City-140200
Zoning N-2C
Direction Directly on Niagara St and Jersey
Rooms
Basement Full
Interior
Heating Gas, Baseboard, Forced Air
Flooring Hardwood, Varies
Fireplace No
Exterior
Utilities Available Sewer Connected
Roof Type Asphalt,Flat
Building
Story 2
Sewer Public Sewer
Level or Stories Two
Construction Status Existing
Schools
School District Buffalo
Others
Tax ID 140200-099-830-0006-031-000
Acceptable Financing Cash
Listing Terms Cash
Financing Conventional
Special Listing Condition Standard
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Bought with Keller Williams Realty WNY