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6879 Erie Rd 15 Unit Apartment Building $1,000,000 ($66,667/Unit) 5.72% Cap Rate Derby, NY 14047
Investment Highlights
- 25 minute commute to downtown Buffalo
- 2 minutes just off the waterfront.
Executive Summary
This unique commercial investment opportunity features 15 units across 11 buildings on a single lot, zoned as a motel and currently rented as residential units, generating over $110,000 annually in rental income. With the potential to raise rents or convert the units to short-term rentals for significantly increased earnings, this property presents a versatile income opportunity. All buildings have been well-maintained, with new roofs, water lines, gas lines, and electric lines installed. Located on Route 5 in Derby, this prime location offers high visibility and steady traffic flow, connecting to the scenic Lake Erie shoreline. The surrounding residential neighborhoods provide a strong local customer base, and nearby attractions like Lake Erie Beach Park draw visitors year-round, making this property ideal for a variety of commercial ventures.
Property Facts
| Price | $1,000,000 | Apartment Style | Single-Family Home |
| Price Per Unit | $66,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.40 AC |
| Cap Rate | 5.72% | Building Size | 6,494 SF |
| No. Units | 15 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | ||
| Zoning | GB - Commercial | ||
| Price | $1,000,000 |
| Price Per Unit | $66,667 |
| Sale Type | Investment |
| Cap Rate | 5.72% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 1.40 AC |
| Building Size | 6,494 SF |
| No. Stories | 1 |
| Year Built | 1950 |
| Zoning | GB - Commercial |
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Property Taxes
| Parcel Number | 144489-206-080-0001-010-000 | Improvements Assessment | $100,000 |
| Land Assessment | $105,000 | Total Assessment | $205,000 |
Property Taxes
Parcel Number
144489-206-080-0001-010-000
Land Assessment
$105,000
Improvements Assessment
$100,000
Total Assessment
$205,000
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