Active
706 Terrace Boulevard, Lancaster NY 14043
MLS# B1613214
$430,000
Price
-
Beds
-
Baths
8,925
Living Area (Sq.Ft.)
0.11
Lot Area (Acres)
$430,000
Price
-
Beds
-
Baths
8,925
Living Area (Sq.Ft.)
0.11
Lot Area (Acres)
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 all operating expenses included in calculations. The residential units are currently rented below market rates, presenting the opportunity to increase rents by approximately $12,000 annually. Based on current cap rates, this rent increase potential could add approximately $160,000 to the property value. The mixed-use nature provides diversified income from both commercial and residential tenants in Depew's stable rental market with access to major transportation routes. Property is ideal for investors seeking immediate cash flow with upside potential through rent optimization.
Status
Active
Property Type
CommercialSale
Property Sub Type
Office
Year Built
1920
Parcel Number
145201-104-630-0003-006-000
Unit Number
--
Lot Features
Rectangular, Rectangular Lot
Lot Size Dimensions
40X120
Stories
3
Property Condition
Resale
Elementary School District
Depew
Middle Or Junior School District
Depew
High School District
Depew
Location
Listing Agent
Nicholas Giambra
Listing Office
Iconic Real Estate
Owner Name
--
Owner Phone
--
Possession
CloseOfEscrow
Special Listing Conditions
Standard
Listing Terms
Cash, Conventional
Documents Available
Survey
Listing Agreement
ExclusiveAgency
Listing Contract Date
2025-06-09
Gross Income
64300
Net Operating Income
33161
Fire Places Total
0
Flooring
Carpet, Linoleum, Vinyl
Cooling
true
Cooling Features
CentralAir
Heating
true
Heating Features
Gas, Baseboard, Forced Air, Wall Furnace
Electric
Other
Garage
true
Garage Spaces
--
Water Source
Public
Sewer
PublicSewer
Roof
Asphalt
Utilities
Electricity Connected, Sewer Connected, Water Connected
Parking Total
4
Parking Features
Common, On Site, Surfaced
Basement
None
Construction Materials
Concrete
No schools found
Information deemed reliable but not guaranteed. IDX data © 2019 REIS MLS. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the REIS MLS. Real estate listings held by brokerage firms and are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Realoq is not a Multiple Listing Service, nor does it offer MLS access. This website is a service of Realoq, a service company Participant of the REIS MLS. Information deemed reliable but not guaranteed. Data updated daily; data last updated 06/27/2025.
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The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA"), provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices and counter-notices should be sent in writing by mail to DMCA Designated Agent.
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Listed By
Information deemed reliable but not guaranteed. IDX data © 2019 REIS MLS. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the REIS MLS. Real estate listings held by brokerage firms and are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Realoq is not a Multiple Listing Service, nor does it offer MLS access. This website is a service of Realoq, a service company Participant of the REIS MLS. Information deemed reliable but not guaranteed. Data updated daily; data last updated 06/27/2025.
Digital Millennium Copyright Act (DMCA) Notice
The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA"), provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices and counter-notices should be sent in writing by mail to DMCA Designated Agent.
The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and e-mail address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner's behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.