Neighborhood: Holland Land Companys, Lockport-town-292600
State: New York
Attention Investors - here is an opportunity to own a well-performing apartment building in the Town of Lockport! All units have separate electric meters and the entire building is serviced by electricity only (no gas). Possible value-add opportunity to install solar panels to cover common area electricity service and increase NOI! Unit mix contains (5) two bedroom units and (1)one bedroom unity (may be possible to add second bedroom). Most apartments have had some updates such as flooring, cabinets, lighting, carpeting, etc., with 2 apartments being remodeled in 2021! Total of 12 parking spaces provides plenty of parking for residents. Residents have taken pride in their apartments and they show very well. Many are longer term with below market rents, but this provides an opportunity for the new owner to increase income. Current cap rate is 6.95%. Coin-op laundry for addl'l income. Owner pays for water, garbage, common area electric, maintenance, taxes, insurance, snow plowing and lawn care.