This 7 unit apartment building is a great investment property. Currently bringing in $47,700 a year. Plus another $900. for the coin operated laundry. The seller just purchased this building in November, but had an opportunity to purchase something else and decided to put his efforts into that and sell this.
There are 2 long term tenants there-3.5 years, paying $575 & $500, and 4 more have been there over a year, 1 just for 1 month. All rents are paid on time, one being several payments in a month. Most are in 1 year leases.
Each unit pays their own Electric. The seller has 1 gas payment of $200/month for the HWT, and also pays $300 for water. Apt 1 has all utilities included, as theirs is connected to the sellers utilities ($675/month). This building has recently had a flat roof put on approximately 4 years ago. It does need normal cosmetic repair/replacing, typical in most apartment buildings. There is room to raise rents a bit and bring a better cashflow in. There’s a large parking lot, for approximately 10 cars. Put some money into this one and watch it return to you!
There are 2 long term tenants there-3.5 years, paying $575 & $500, and 4 more have been there over a year, 1 just for 1 month. All rents are paid on time, one being several payments in a month. Most are in 1 year leases.
Each unit pays their own Electric. The seller has 1 gas payment of $200/month for the HWT, and also pays $300 for water. Apt 1 has all utilities included, as theirs is connected to the sellers utilities ($675/month). This building has recently had a flat roof put on approximately 4 years ago. It does need normal cosmetic repair/replacing, typical in most apartment buildings. There is room to raise rents a bit and bring a better cashflow in. There’s a large parking lot, for approximately 10 cars. Put some money into this one and watch it return to you!
Property Details
Price:
$129,000
MLS #:
B1328639
Status:
Closed ((Jan 10, 2022))
Baths:
0
Address:
633-635 S Union Street
Type:
Commercial
City:
Olean-City
Listed Date:
Apr 12, 2021
State:
NY
Finished Sq Ft:
4,000
ZIP:
14760
Lot Size:
0 acres
Year Built:
1910
Listing courtesy of Chamberlain Home Realty, 716–373–7325
© 2024 New York State Alliance of MLS’s NYSAMLS. Information deemed reliable, but not guaranteed. This site was last updated 2024-03-28.
© 2024 New York State Alliance of MLS’s NYSAMLS. Information deemed reliable, but not guaranteed. This site was last updated 2024-03-28.
633-635 S Union Street
Olean-City, NY
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Schools
School District:
Olean
Interior
Appliances
Dryer, Electric Oven, Electric Range, Gas Water Heater, Refrigerator, Washer
Flooring
Carpet, Ceramic Tile, Hardwood, Laminate, Varies
Heating
Electric, Gas, Baseboard, Forced Air
Laundry Features
Coin-operated
Exterior
Community Features
Laundry Facilities
Construction Materials
Vinyl Siding, Wood Siding
Exterior Features
Blacktop Driveway
Parking Features
Three or more Spaces, No Garage
Roof
Asphalt, Flat
Financial
Map
Community
- Address633-635 S Union Street Olean-City NY
- AreaNot Applicable
- CityOlean-City
- CountyCattaraugus
- Zip Code14760
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