2494 Sheridan Dr, Tonawanda, NY 14150

15 Unit Apartment Building | $2,025,000 ($135,000/Unit) | 5.05% Cap Rate | Tonawanda, NY 14150

Asking Price $2,025,000

Property Type: Multifamily
Square Feet: 12,984 SF

Listing Contacts

Brian Heine

Property Overview

Fifteen apartments in a two ½ story brick apartment building on Sheridan Drive in the town of Tonawanda. There are 11 two-bedroom and four one-bedroom apartments, the two-bedroom apartments are 800 sq. ft. and all have eat-in kitchens. The owner pays the gas for the heat and hot water tanks, the tenants pay their own electric. There is parking both in front of and behind the building, the first and second floor apartments have balconies. The owner handles all management, repair, and maintenance. There is considerable upside for the new owner in upgrading the apartments and increasing the rents to market level.
Tonawanda is adjacent to the northern border of the city of Buffalo. Sheridan Drive is a major commercial artery connecting the suburbs of Tonawanda and Amherst.

Property Details

Class: C
Year Built: 1966
Stories: 3
Lot Size (sq. ft): 17,860 SF
Units: 15

Highlights

Large 800 sq. ft. two-bedroom apartments with eat-in kitchens
Recent building improvements include newer roofs and windows
There is considerable upside in apartments upgrades and increased rents
Two and 1/2 story brick apartment building
Eleven two-bedroom and four one-bedroom apartments
Sheridan Drive is a major commercial artery connecting the suburbs of Tonawanda and Amherst

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