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706 Terrace Boulevard , Depew, NY 14043
706 Terrace Boulevard, Depew, NY 14043
8925
sq ft
5
units
5
gas meters
5
electric meters
5
hot water tanks
5
heating units
1
cooling units
Residential units
Unit 1
$1,230
rent
Tenant Occupied
status
2
beds
1
baths
Unit 2
$1,000
rent
Tenant Occupied
status
2
beds
1
baths
Unit 3
$945
rent
Tenant Occupied
status
2
beds
1
baths
Unit 4
$800
rent
Tenant Occupied
status
1
beds
2
baths
Commercial units
Unit 5
Retail
Category
Residential units
Unit 1
$1,230
rent
Tenant Occupied
status
2
beds
1
baths
Unit 2
$1,000
rent
Tenant Occupied
status
2
beds
1
baths
Unit 3
$945
rent
Tenant Occupied
status
2
beds
1
baths
Unit 4
$800
rent
Tenant Occupied
status
1
beds
2
baths
Commercial units
Unit 5
Retail
Category
Mixed-Use Investment Property in Depew, NY
5-Unit Building - Fully Occupied
This fully occupied mixed-use property contains one commercial unit and four residential apartments. The building generates consistent rental income with potential for increased cash flow through rent adjustments.
Property Details
Building Specifications:
- Year Built: 1920
- Total Square Footage: 8,925 sq ft across 3 stories
- Lot Size: 40.5' x 120' (0.11 acres)
- Construction: Vinyl and brick exterior
- Foundation: Poured concrete basement
Unit Configuration:
- 1 Ground-floor commercial retail unit
- 4 (2) bedroom residential apartment units
- 5 total rental units
Utilities & Infrastructure:
- 5 separate electric meters (tenants pay electric)
- 5 separate gas meters (tenants pay gas)
- 1 water meter (owner pays water)
- Circuit breaker electrical systems with Romex wiring
Parking & Property Features:
- 2-car attached garage
- 2 additional tandem parking spots
- Concrete driveway
- House roof approximately 10 years old
- Garage roof 3 years old
Financial Performance
Current Income Statement:
- Potential Gross Income: $64,300
- Effective Gross Income: $61,085 (includes 5% vacancy allowance)
- Net Operating Income: $40,792
Operating Expenses:
- Property Taxes (Town, County, Village, School): $7,630
- Property Insurance: $2,500
- Water Utility: $1,000
- Repairs & Maintenance: $3,054
- Property Management: $6,109
- Vacancy & Collection Loss: $3,215
Investment Analysis:
- Asking Price: $500,000
- Current Cap Rate: 8.16%
- All operating expenses included in calculations
Income Increase Potential
The residential units are currently rented below market rates. Rent increases on the four apartments could generate an additional $12,000 in annual income. Based on the current cap rate, this rent increase would add approximately $160,000 to the property value.
Investment Summary
This property provides immediate rental income from five occupied units. The 8.16% cap rate reflects current market rents and includes all operating expenses. The building's separate utility metering reduces owner expenses since tenants pay their own electric and gas bills.
The rent increase potential on the residential units offers the opportunity to increase both annual cash flow and property value. The mixed-use nature provides income from both commercial and residential tenants.
Located in Depew with access to major transportation routes and a stable rental market in Western New York.
