706 Terrace Boulevard, Depew, NY 14043

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 $450,000 asking price, this represents an 9.1% cap rate with … read more …