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JNJ Apartments 959 Ridge Rd 40 Unit Apartment Building $4,400,000 ($110,000/Unit) 6.46% Cap Rate Lackawanna, NY 14218
Investment Highlights
- Large apartments with hardwood floors
- Building improvements include newer roofs, furnaces, and parking lot paving
- 24 two-bedroom and 16 one-bedroom apartments
- Heat and hot water is included in the rent and parking is either next to or behind the building
- Eight five-unit brick buildings on Ridge Road in Lackawanna
- Priced at $110,000 per apartment
Executive Summary
40-unit apartment complex with 24 two-bedroom apartments and 16 one-bedroom apartments in eight five-unit brick buildings on Ridge Road near South Park Avenue in the city of Lackawanna. Recent improvements include the installation of new high efficiency furnaces in each building, the parking lot has been paved, roofs have been replaced, and many of the apartments have been updated. The apartments are large and include appliances and dining areas, there are hardwood floors throughout. The heat and hot water is included in the rent and parking is either next to or behind the buildings.
Lackawanna is adjacent the southern border of the city of Buffalo. Close proximity to the Walden Galleria Mall, Buffalo-Niagara International Airport, Highmark Stadium, and downtown Buffalo. There is a bus stop directly across the street.
Lackawanna is adjacent the southern border of the city of Buffalo. Close proximity to the Walden Galleria Mall, Buffalo-Niagara International Airport, Highmark Stadium, and downtown Buffalo. There is a bus stop directly across the street.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$456,720
|
$14.27
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$22,836
|
$0.71
|
| Effective Gross Income |
$433,884
|
$13.56
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$149,542
|
$4.67
|
| Net Operating Income |
$284,342
|
$8.89
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $456,720 |
| Annual Per SF | $14.27 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $22,836 |
| Annual Per SF | $0.71 |
| Effective Gross Income | |
|---|---|
| Annual | $433,884 |
| Annual Per SF | $13.56 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $149,542 |
| Annual Per SF | $4.67 |
| Net Operating Income | |
|---|---|
| Annual | $284,342 |
| Annual Per SF | $8.89 |
Property Facts
| Price | $4,400,000 | Apartment Style | Garden |
| Price Per Unit | $110,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.80 AC |
| Cap Rate | 6.46% | Building Size | 32,000 SF |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.25/1,000 SF |
| Zoning | Commercial | ||
| Price | $4,400,000 |
| Price Per Unit | $110,000 |
| Sale Type | Investment |
| Cap Rate | 6.46% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.80 AC |
| Building Size | 32,000 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.25/1,000 SF |
| Zoning | Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Storage Space
- Tile Floors
- Family Room
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $900.00 | - |
| 2+1 | 24 | $1,000 | - |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $743,600 (2025) | |
| Land Assessment | $118,000 (2025) | Total Assessment | $861,600 (2025) |
Property Taxes
Parcel Numbers
Land Assessment
$118,000 (2025)
Improvements Assessment
$743,600 (2025)
Total Assessment
$861,600 (2025)
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JNJ Apartments | 959 Ridge Rd