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55 Washington St 11 Unit Apartment Building $1,175,000 ($106,818/Unit) 7% Cap Rate Lockport, NY 14094
Investment Highlights
- ALL SEP. UTITLTIES / ALL 2 BEDROOMS, SINGLE BATH / MODERN FINISHES
- APPLIANCES INCLUDED / FULL BATHS WITH TUB AND SHOWER / PLENTY OF OFF STREET PARKING
- STRONG RENTAL AREA/ CONSISTANT OCCUPANCY/ CLOSE TO CBD OF LOCKPORT / CLOSE TO PUBLIC TRANSPORTATION
- POTENTAIL FOR A 12TH UNIT ON GROUND LEVEL, PLUS ADDITIOANLAND F OR FUTURE DEVELOMENT OPPORTUNITY
Executive Summary
EXCEPTIONAL "VALUE ADD" MULTIFAMILY INVESTMENT WITH THE POTENTIAL FOR A DEVELOPMENT COMPONENT FOR THE AMBITIOUS INVESTOR. THE "LOCKPORT VIEWS" APARTMENTS ARE OFFERS A STABIIZED 11 UNIT APARTMENT COMPLEX COMPRISED OF 3 BUILDINGS, A STORAGE SHED AND AMPLE ADDITIONAL ACRERAGE, FOR FUTUTE DEVELOPMENT OF UP TO 22 RESIDNTIAL UNITS.
TENANTS PAY FOR HEAT AND ELECTRIC, PLENTY F OFF STREET PARKING, CLOSE TO THE CITY OF LOCKPORT AND PUBLIC TRANSPORTATION.
OWNERSHIP HAS COMPLETED SUBSTANTIAL CAP EX. AND THERE IS OPPORTUNITY FOR A 12TH APARTMENT UNIT UTILIZING EXISTING SPACE ON THE GROUND LEVEL.
PLEASE SEE SUPPLIMENTS FOR INCOME AND EXPENSES AND HIGHLIGHTS.
TENANTS PAY FOR HEAT AND ELECTRIC, PLENTY F OFF STREET PARKING, CLOSE TO THE CITY OF LOCKPORT AND PUBLIC TRANSPORTATION.
OWNERSHIP HAS COMPLETED SUBSTANTIAL CAP EX. AND THERE IS OPPORTUNITY FOR A 12TH APARTMENT UNIT UTILIZING EXISTING SPACE ON THE GROUND LEVEL.
PLEASE SEE SUPPLIMENTS FOR INCOME AND EXPENSES AND HIGHLIGHTS.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,175,000 | Apartment Style | Townhome |
| Price Per Unit | $106,818 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.50 AC |
| Cap Rate | 7% | Building Size | 9,580 SF |
| Gross Rent Multiplier | 9 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1940/2008 |
| Property Subtype | Apartment | ||
| Zoning | R3 | ||
| Price | $1,175,000 |
| Price Per Unit | $106,818 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 9 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.50 AC |
| Building Size | 9,580 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1940/2008 |
| Zoning | R3 |
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 | $1,050 | - |
| 3+1 | 1 | $1,100 | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 290900-109-010-0001-013-001 | Total Assessment | $111,000 (2024) |
| Land Assessment | $3,300 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $107,700 (2024) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
290900-109-010-0001-013-001
Land Assessment
$3,300 (2024)
Improvements Assessment
$107,700 (2024)
Total Assessment
$111,000 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026 Payable 2026
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