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Lockport Views LLC 55 Washington St 12 Unit Apartment Building $1,190,000 ($99,167/Unit) 6.70% Cap Rate Lockport, NY 14094
INVESTMENT HIGHLIGHTS
- Fully Updated
- Fully Occupied
- Land for Purposed Expansion ( 22 Units)
EXECUTIVE SUMMARY
Discover an exceptional turnkey multifamily investment at Lockport Views Apartments, a well-established residential community offering immediate cash flow and substantial growth potential. Nestled in the desirable Lockport area, this property features three modern buildings comprising 12 spacious units, 11 fully updated with contemporary finishes, energy-efficient appliances, and thoughtful amenities designed for resident comfort and retention. The property has undergone comprehensive renovations from top to bottom, including refreshed interiors newer mechanics, windows, upgraded common areas, and enhanced landscaping, ensuring low maintenance costs and high tenant appeal. From efficient kitchens to durable flooring, every detail has been updated to meet today's market demands.
Ample on-site space allows for the potential construction of an additional 22 units, transforming this already profitable asset into a larger-scale operation. This opportunity could nearly double the property's footprint and revenue stream—perfect for visionary investors looking to scale.
Lockport Views Apartments combines the security of a proven performer with the excitement of future development, all in a location with easy access to local amenities, schools, and commuting routes. Whether you're a seasoned real estate professional or a first-time multifamily buyer, this property delivers immediate value and long-term upside.
Ample on-site space allows for the potential construction of an additional 22 units, transforming this already profitable asset into a larger-scale operation. This opportunity could nearly double the property's footprint and revenue stream—perfect for visionary investors looking to scale.
Lockport Views Apartments combines the security of a proven performer with the excitement of future development, all in a location with easy access to local amenities, schools, and commuting routes. Whether you're a seasoned real estate professional or a first-time multifamily buyer, this property delivers immediate value and long-term upside.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$131,100
|
$16.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,488
|
$1.28
|
| Effective Gross Income |
$120,612
|
$14.75
|
| Taxes |
$12,435
|
$1.52
|
| Operating Expenses |
$28,446
|
$3.48
|
| Total Expenses |
$40,881
|
$5.00
|
| Net Operating Income |
$79,731
|
$9.75
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $131,100 |
| Annual Per SF | $16.03 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,488 |
| Annual Per SF | $1.28 |
| Effective Gross Income | |
|---|---|
| Annual | $120,612 |
| Annual Per SF | $14.75 |
| Taxes | |
|---|---|
| Annual | $12,435 |
| Annual Per SF | $1.52 |
| Operating Expenses | |
|---|---|
| Annual | $28,446 |
| Annual Per SF | $3.48 |
| Total Expenses | |
|---|---|
| Annual | $40,881 |
| Annual Per SF | $5.00 |
| Net Operating Income | |
|---|---|
| Annual | $79,731 |
| Annual Per SF | $9.75 |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Balcony
- Refrigerator
- Oven
- Range
- Carpet
- Vinyl Flooring
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 10 | - | - |
| 3+1 | 2 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 290900-109-010-0001-013-001 | Total Assessment | $111,000 |
| Land Assessment | $3,300 | Annual Taxes | $12,435 ($1.52/SF) |
| Improvements Assessment | $107,700 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
290900-109-010-0001-013-001
Land Assessment
$3,300
Improvements Assessment
$107,700
Total Assessment
$111,000
Annual Taxes
$12,435 ($1.52/SF)
Tax Year
2024
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Lockport Views LLC | 55 Washington St
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