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.
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- 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: Yes