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1146 E Lovejoy St , Buffalo, NY 14206
1146 E Lovejoy St, Buffalo, NY 14206
12212
sq ft
Prime Investment Opportunity in Buffalo's Kaisertown Neighborhood
Property Overview: 9-Unit Multi-Family Investment
Location: Kaisertown, Buffalo, NY
Total Square Footage: 12,212 sq ft
Unit Configuration: 2 three-bedroom apartments, 7 two-bedroom apartments
Asking Price: $665,000
Cap Rate: 9.94%
Investment Highlights
This 9-unit residential building presents a compelling investment opportunity in one of Buffalo's most promising neighborhoods. With minimal common areas, tenants enjoy spacious apartment living while investors benefit from maximized rental square footage.
Current Financial Performance:
- Total Potential Gross Income: $104,340 annually (with market rate rents assumed for vacant units)
- Current Occupancy: 78% (7 of 9 units occupied)
- Net Operating Income: $66,124.55
- Projected Annual Cash Flow After Debt Service: ~$22,000
Property Features & Amenities
All units offer
- Spacious floor plans due to minimal common area allocation
- Separate gas/electric utility services
Some units offer premium amenities that attract and retain quality tenants:
- Private entrances providing tenant privacy and independence
- In-unit laundry hookups for maximum convenience
- Off-street parking - a valuable commodity in urban Buffalo
Current Tenant Situation
The property benefits from a stable tenant base with seven existing residents who are current on all lease obligations and have expressed interest in staying post closing. This provides immediate cash flow stability and reduces turnover costs for the new owner.
Why Kaisertown: A Neighborhood on the Rise
Affordability Meets Accessibility
Kaisertown offers investors and residents the best of both worlds, affordable housing prices significantly below Buffalo's city average, combined with exceptional connectivity. The neighborhood provides seamless access to major highways including I-190 and I-90, enabling convenient commutes throughout Western New York and beyond to Rochester and Toronto.
Strong Community Foundation
This established neighborhood maintains a close-knit community atmosphere with multi-generational families contributing to neighborhood stability. Residents consistently describe Kaisertown as quiet and peaceful, creating an environment that attracts long-term tenants seeking quality of life.
Local Commerce and Walkability
Clinton Street serves as the neighborhood's commercial heart, featuring diverse local businesses, restaurants, and essential services within walking distance. This walkable environment reduces tenant dependency on vehicle ownership while supporting local economic activity.
Recreation and Natural Assets
The Buffalo River forms the neighborhood's southern boundary, providing water access for recreational activities. Residents enjoy multiple park options including Houghton Park with its comprehensive recreational facilities, while Seneca Bluffs Natural Habitat Park offers year-round outdoor activities just across the river.
Neighborhood Amenities and Attractions
Immediate Area Features:
- Lovejoy Pool directly across the street
- Adjacent laundromat facility
- Carbone's Pizza less than one block away
- Walking distance to PS 43 Lovejoy Discovery School
- Buffalo Olde Brewery within easy reach
- La Verdad Cafe nearby
- Minutes from downtown Buffalo
Growth Potential and Market Position
Kaisertown represents an "opportunity neighborhood" experiencing generational transition with well-maintained, affordable housing stock. The area's proximity to emerging employment centers including Larkinville and the Riverbend Project positions it favorably for future appreciation and rental demand growth.
Investment Advantages
Immediate Benefits:
- Strong 9.94% capitalization rate
- Stable existing tenant base
- Below-market rents with upside potential
- Low maintenance requirements due to minimal common areas
- Diverse unit mix appealing to various tenant demographics
Long-term Potential:
- Rent increase opportunities as neighborhood continues developing
- Proximity to job growth areas
- Affordable entry point in appreciating market
- Strong cash flow foundation for portfolio expansion
This property combines immediate cash flow generation with long-term appreciation potential in a neighborhood poised for continued growth. The combination of stable existing tenants, below-market rents, and strategic location creates an ideal opportunity for both new and experienced real estate investors.
If you read this far, call us with any questions or to schedule a showing!
716-239-6432
