Allentown Mixed Use 30 Unit Investment Property

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23 Allen Street (N/E/C N. Pearl Street) Buffalo New York

A brick and concrete mixed use building with 22 studio apartments, 6 one bedroom apartments and 2 storefronts in the Historic Allentown District with dense population, new restaurants and boutique retailers.

YouTube Video Available: Google 23 Allen Street, Buffalo New York (video to view)

Features:

  • Top floor is unfinished and unoccupied (11 units). Estimated cost to finish is $75,000+/-
  • Four new Dunkirk high efficiency condensing gas hot water boilers create low gas bills
  • All apartments have A/C
  • All apartments were fitted with new appliances and kitchen cabinets.
  • All closets have been redone.
  • All bathrooms have new fixtures, toilets, sinks and exhaust fans
  • All new plumbing through out
  • All new electric and separate meters.
  • Hot water system has been updated with a new retaining tank.

Cap Rate 9.19%

Additional Highlights for 23 Allen Street, Buffalo New York and the Immediate Area

  • Allen Street is in the process of being improved and widened commencing with this block. Improvements include:
    • Street widening
    • New streetscape
    • New utility lines and fiber optics
    • New streetlights and sidewalks
    • New trees
    • To be completed at a cost of $2 million per block ($6.5 million total)
  • Within walking distance of new $750 million Buffalo Niagara Medical Campus with over 17,000 employees and 6.5 million sq. ft. on 120 acres
  • Campus includes:
    • Roswell Park Cancer Institute
    • UB Jacobs School of Medicine and Biomedical Sciences ($325 million, 628,000 sq. ft.)
    • John R Oshei Children’s Hospital
    • Conventus Medical Building 300,000 sq. ft.
    • Gates Vascular Innovation Center of Buffalo
  • Allen Street Medical Campus Station of the Buffalo Metro Rail is 100 yards away
  • Adjacent new building is being constructed at 15 Allen Street which will enhance this block
  • Red Jacket Building at Main & Allen has been awarded $300,000 grant to improve vacant stores and add foot traffic to the area
  • 2nd floor apartments are under construction at 45 Allen Street at Franklin Street
  • Work is underway at 185 Allen Street with improved storefronts and 2 new apartments
  • 23 Allen Street would adapt itself well to low maintenance efficiency apartments for young professional or graduate students from the nearby medical campus or perhaps even an Air BNB
  • Address: Buffalo, New York 
  • Price: $1,999,999 
  • Done Deal: No