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MERRIMAC STUDENT HOUSING PACKAGE 82 Merrimac St 11 Unit Apartment Building $1,500,000 ($136,364/Unit) 8.74% Cap Rate Buffalo, NY 14214
Investment Highlights
- GREAT RENTAL LOCATIONS/STUDENT LEASES ARE JOINT AND SEVERAL
- MANAGEMENT AND STAFF WILLING TO STAY
- 2026-PROJECED CAP RATE WILL BE 13%
Executive Summary
6 BUILDINGPACKAGEOF STABILIZED STUDENT HOUSING NEAR THE UNIVERSITY AT BUFFALO, NY, MAIN ST. CAMPUS.
ALL BUILDINGS UNDER 12 MONTHLEASES ATHAT ARE JOINT AND SEVERAL.
3-7 MINUTES WALK TO CAMPUS.
2026-2027 LEASEUPS IN PROCESS NOW.
MANAGMENT AND STAFF WILLING TO STAY ON.
CURRENT INPLACE NOI = $131,000 SUPPORTING A CAP RATE OF 8.6%. 2026 NOI WILL SUPPORT A CAP RATE OF 13%.
ALL BUILDINGS UNDER 12 MONTHLEASES ATHAT ARE JOINT AND SEVERAL.
3-7 MINUTES WALK TO CAMPUS.
2026-2027 LEASEUPS IN PROCESS NOW.
MANAGMENT AND STAFF WILLING TO STAY ON.
CURRENT INPLACE NOI = $131,000 SUPPORTING A CAP RATE OF 8.6%. 2026 NOI WILL SUPPORT A CAP RATE OF 13%.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $1,500,000 | Apartment Style | Single-Family Home |
| Price Per Unit | $136,364 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 8.74% | Building Size | 2,808 SF |
| Gross Rent Multiplier | 5.6 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2000 |
| Property Subtype | Apartment |
| Price | $1,500,000 |
| Price Per Unit | $136,364 |
| Sale Type | Investment |
| Cap Rate | 8.74% |
| Gross Rent Multiplier | 5.6 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 2,808 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2000 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+1 | 10 | $4,750 | 2,112 - 2,406 |
| 5+2 | 1 | $2,750 | 1,744 |
1 1
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (73)
Property Taxes
| Parcel Number | 140200-079-460-0007-010-000 | Total Assessment | $124,000 |
| Land Assessment | $9,100 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $114,900 | Tax Year | 2024 |
Property Taxes
Parcel Number
140200-079-460-0007-010-000
Land Assessment
$9,100
Improvements Assessment
$114,900
Total Assessment
$124,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Videos
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MERRIMAC STUDENT HOUSING PACKAGE | 82 Merrimac St
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