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USANYDepew706 Terrace Blvd
706 Terrace Blvd, Home with 4 bedrooms, 0 bathrooms and null parking in Depew NY | Image 1
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$500,000

706 Terrace Blvd, Depew, NY

Real Estate

For Sale

$--,---,---
400
  • Key Facts
  • Description
  • Map

Key Facts

Type Commercial
Levels Residential Income
Size 8925 sqft
Garage No
Maintenance Fees 
Taxes $7,631
Days Active 4
Approx. Age 1920
Avg. Price Per Sqft $56
MLS® Number B1613211

Property Address: 

Average square foot calculated using Size range provided by listing agent.

Description

Fully occupied 5-unit mixed-use investment property featuring one commercial unit and four residential apartments. This 1920-built building offers 8, 925 square feet across three stories on a 40.5' x 120' lot with vinyl and brick construction and poured concrete basement. The property includes a 2-car attached garage plus 2 tandem parking spots with concrete driveway. Each unit has separate electric and gas meters with tenants paying their own utilities, while the owner pays water through one meter. Recent improvements include a house roof approximately 10 years old and garage roof 3 years old. Current financials show potential gross income of $64, 300 with effective gross income of $61, 085 after vacancy allowance. Net operating income is $40, 792 after all expenses including property taxes ($7, 630), insurance ($2, 500), water ($1, 000), repairs and maintenance ($3, 054), management ($6, 109), and vacancy allowance ($3, 215). At the $500, 000 asking price, this represents an 8.16% cap rate with all operating expenses included in calculations. The residential units are currently rented below market rates, presenting the opportunity to increase rents by approximately $12, 000 annually. Based on current cap rates, this rent increase potential could add approximately $160, 000 to the property value. The mixed-use nature provides diversified income from both commercial and residential tenants in Depew's stable rental market with access to major transportation routes. Property is ideal for investors seeking immediate cash flow with upside potential through rent optimization. Showings begin Wednesday, June 11th.Show Description
MLS® NumberB1613211
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
ExteriorConcrete Driveway
GarageNo
Approx. Age1920
Stories4
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatGas, Forced Air
A/CCentral Air
Heating Fuel

Extras

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