Elmwood Apartments 400 Elmwood Ave 66 Unit Apartment Building $7,295,000 ($110,530/Unit) Buffalo, NY 14222

400 Elmwood Avenue presents a rare opportunity to acquire a 66-unit
mixed-use asset in the heart of Buffalo’s highly desirable Elmwood
Village neighborhood. The property comprises 64 residential apartment
units and two fully occupied ground-floor retail spaces, currently leased to
a hair salon and a tattoo studio, providing a stable and diversified income
stream. This building consists of 58 one bedroom apartments and 6 two
bedrooms. 55 of the 64 residential units have been renovated. The other 9
units are "classic" or not remolded. Additional revenue is generated
through an on-site laundry facility featuring six washers and six dryers.
The laundry equipment is professionally managed and maintained by
Hercules Corporation, minimizing ownership responsibilities while
delivering consistent ancillary income.
Ownership has made significant capital investments in the property and
continues to enhance its long-term value through ongoing improvements.
Since purchasing the property in 2012, they have spent over $2.2 Million
dollars in improvements and repairs.
In addition, ownership has completed extensive repairs to the building’s
exterior walls and concrete infrastructure, representing an investment of
approximately $142,000. Further improvements include comprehensive
sewer line maintenance and plumbing repairs, including line jetting and
necessary system repairs, totaling approximately $35,000.
These capital improvements demonstrate a strong commitment to
proactive asset management and help minimize future deferred
maintenance requirements.