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Higher Grounds Apartments 261 Beattie Ave 56 Unit Apartment Building $5,650,000 ($100,893/Unit) 7.48% Cap Rate Lockport, NY 14094
Executive Summary
Discover an exceptional investment opportunity at 261 Beattie Ave, where
character and scale meet to create a truly remarkable asset. Inside, the
apartments boast large windows, built-in cabinets, spacious closets,
electric stoves, refrigerators, and dishwashers, providing residents with
modern convenience and comfort.
• Situated in a serene, tree-lined court setting, this multifamily property
offers ample off-street parking and upgraded heating and central air cooling systems,
ensuring tenant satisfaction and retention. With its prime condition and
convenient location, this property presents a low-maintenance investment
opportunity with a clear path to consistent revenue growth.
Introducing Higher Grounds, a prime investment opportunity featuring 56
modern 2-bedroom units nestled in the vibrant heart of Lockport, NY.
Perfectly situated near shopping, dining, and entertainment hotspots, this
property caters to both business travelers and young urbanites seeking a
dynamic living experience. Whether you're eyeing short-term gains or
long-term stability, this multi-family gem offers the best of both worlds.
• Boasting a rich history dating back to 1973, Higher Grounds has been
meticulously revitalized to offer top-notch comfort and convenience.
Recent renovations have elevated the property to new heights, with
upgrades including sleek windows, sturdy doors, durable roofing, and
efficient mechanical systems. Each building is outfitted with modern
circuit breakers and premium copper plumbing, ensuring a hassle-free
living experience for residents. Contact Chris Greco for financials and tours 716-570-7600 chris@grecorealestate.com
character and scale meet to create a truly remarkable asset. Inside, the
apartments boast large windows, built-in cabinets, spacious closets,
electric stoves, refrigerators, and dishwashers, providing residents with
modern convenience and comfort.
• Situated in a serene, tree-lined court setting, this multifamily property
offers ample off-street parking and upgraded heating and central air cooling systems,
ensuring tenant satisfaction and retention. With its prime condition and
convenient location, this property presents a low-maintenance investment
opportunity with a clear path to consistent revenue growth.
Introducing Higher Grounds, a prime investment opportunity featuring 56
modern 2-bedroom units nestled in the vibrant heart of Lockport, NY.
Perfectly situated near shopping, dining, and entertainment hotspots, this
property caters to both business travelers and young urbanites seeking a
dynamic living experience. Whether you're eyeing short-term gains or
long-term stability, this multi-family gem offers the best of both worlds.
• Boasting a rich history dating back to 1973, Higher Grounds has been
meticulously revitalized to offer top-notch comfort and convenience.
Recent renovations have elevated the property to new heights, with
upgrades including sleek windows, sturdy doors, durable roofing, and
efficient mechanical systems. Each building is outfitted with modern
circuit breakers and premium copper plumbing, ensuring a hassle-free
living experience for residents. Contact Chris Greco for financials and tours 716-570-7600 chris@grecorealestate.com
Property Facts
| Price | $5,650,000 | Apartment Style | Garden |
| Price Per Unit | $100,893 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.82 AC |
| Cap Rate | 7.48% | Building Size | 57,000 SF |
| No. Units | 56 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1973/1990 |
| Property Subtype | Apartment | Parking Ratio | 2.89/1,000 SF |
| Zoning | R3 | ||
| Price | $5,650,000 |
| Price Per Unit | $100,893 |
| Sale Type | Investment |
| Cap Rate | 7.48% |
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.82 AC |
| Building Size | 57,000 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1973/1990 |
| Parking Ratio | 2.89/1,000 SF |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Refrigerator
- Range
- Carpet
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 56 | - | 850 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 290900-123-006-0002-032-000 | Improvements Assessment | $3,909,000 |
| Land Assessment | $91,000 | Total Assessment | $4,000,000 |
Property Taxes
Parcel Number
290900-123-006-0002-032-000
Land Assessment
$91,000
Improvements Assessment
$3,909,000
Total Assessment
$4,000,000
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Contact the Sale Advisor
Higher Grounds Apartments | 261 Beattie Ave