FOR SALE

1711 Main St., Buffalo NY

Two 8 Unit Brick Apartment Buildings in High Rental Demand Area

 Features:

• 16 one bedroom apartments
• Close to Canisius College
• Upgraded kitchens and bathrooms with ceramic tile floors
• New appliances
• Four 2 year old high efficiency  furnaces
• Hardwood floors
• New on demand hot water system
• Copper plumbing
• Surveillance cameras
• New Certificate of Occupancy
• New energy efficient low e windows

Pro forma

Income & Expense Statement

 Income:                                                             

 Annual rent                 $96,000

 Expenses:

 Water & Garbage (2009)        $  5,000

Gas (2009)                               $12,000

Electric(2009)                           $  6,500

Insurance (2009)                       $  2,000

Real Estate Taxes (2009)         $  4,700

Management (5%)                     $  4,800

Maintenance (5%)                     $  4,800

Vacancy (5%)                           $  4,800

Total Expenses             $44,600

NOI                                $51,400

Sale Price:                        $525,000

Capitalization Rate:          9.8%