23 Allen Street (N/E/C N. Pearl Street) Buffalo New York
A brick and concrete mixed use building with 22 studio apartments, 6 one bedroom apartments and 2 storefronts in the Historic Allentown District with dense population, new restaurants and boutique retailers.
YouTube Video Available: Google 23 Allen Street, Buffalo New York (video to view)
Features:
Top floor is unfinished and unoccupied (11 units). Estimated cost to finish is $75,000+/-
Four new Dunkirk high efficiency condensing gas hot water boilers create low gas bills
All apartments have A/C
All apartments were fitted with new appliances and kitchen cabinets.
All closets have been redone.
All bathrooms have new fixtures, toilets, sinks and exhaust fans
All new plumbing through out
All new electric and separate meters.
Hot water system has been updated with a new retaining tank.
Cap Rate 9.19%
Additional Highlights for 23 Allen Street, Buffalo New York and the Immediate Area
Allen Street is in the process of being improved and widened commencing with this block. Improvements include:
Street widening
New streetscape
New utility lines and fiber optics
New streetlights and sidewalks
New trees
To be completed at a cost of $2 million per block ($6.5 million total)
Within walking distance of new $750 million Buffalo Niagara Medical Campus with over 17,000 employees and 6.5 million sq. ft. on 120 acres
Campus includes:
Roswell Park Cancer Institute
UB Jacobs School of Medicine and Biomedical Sciences ($325 million, 628,000 sq. ft.)
John R Oshei Children’s Hospital
Conventus Medical Building 300,000 sq. ft.
Gates Vascular Innovation Center of Buffalo
Allen Street Medical Campus Station of the Buffalo Metro Rail is 100 yards away
Adjacent new building is being constructed at 15 Allen Street which will enhance this block
Red Jacket Building at Main & Allen has been awarded $300,000 grant to improve vacant stores and add foot traffic to the area
2nd floor apartments are under construction at 45 Allen Street at Franklin Street
Work is underway at 185 Allen Street with improved storefronts and 2 new apartments
23 Allen Street would adapt itself well to low maintenance efficiency apartments for young professional or graduate students from the nearby medical campus or perhaps even an Air BNB
