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Manhattan Square 190 Manhattan Ave 72 Unit Apartment Building $6,500,000 ($90,278/Unit) 7.56% Cap Rate Buffalo, NY 14215
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 | $6,500,000 | Apartment Style | Garden |
| Price Per Unit | $90,278 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.15 AC |
| Cap Rate | 7.56% | Building Size | 72,000 SF |
| No. Units | 72 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | D-R | ||
| Price | $6,500,000 |
| Price Per Unit | $90,278 |
| Sale Type | Investment |
| Cap Rate | 7.56% |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.15 AC |
| Building Size | 72,000 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
- Laundry Facilities
- Property Manager on Site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 72 | - | 850 |
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PROPERTY TAXES
| Parcel Number | 140200-090-300-0001-018-100 | Improvements Assessment | $1,497,400 |
| Land Assessment | $50,600 | Total Assessment | $1,548,000 |
PROPERTY TAXES
Parcel Number
140200-090-300-0001-018-100
Land Assessment
$50,600
Improvements Assessment
$1,497,400
Total Assessment
$1,548,000
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Manhattan Square | 190 Manhattan Ave
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