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Manhattan Square 190 Manhattan Ave 72 Unit Apartment Building $9,064,250 CAD ($125,892 CAD/Unit) 7.56% Cap Rate Buffalo, NY 14215
Investment Highlights
- The property's recent exit from the LIHTC program releases it from restrictive rent caps, allowing rents to be immediately adjusted to competitive mar
Executive Summary
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'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.
Property Facts
| Price | $9,064,250 CAD | Apartment Style | Garden |
| Price Per Unit | $125,892 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 2.16 AC |
| Cap Rate | 7.56% | Building Size | 65,000 SF |
| No. Units | 72 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | D-R | ||
| Price | $9,064,250 CAD |
| Price Per Unit | $125,892 CAD |
| Sale Type | Investment |
| Cap Rate | 7.56% |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.16 AC |
| Building Size | 65,000 SF |
| No. Stories | 2 |
| Year Built | 1986 |
| Opportunity Zone |
Yes |
| Zoning | D-R |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Refrigerator
- Range
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 72 | - | 850 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 140200-090-300-0001-018-100 | Improvements Assessment | $2,088,124 CAD |
| Land Assessment | $70,562 CAD | Total Assessment | $2,158,686 CAD |
Property Taxes
Parcel Number
140200-090-300-0001-018-100
Land Assessment
$70,562 CAD
Improvements Assessment
$2,088,124 CAD
Total Assessment
$2,158,686 CAD
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Manhattan Square | 190 Manhattan Ave
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