NOT LISTED FOR SALE

585 Niagara St Unit 1 Buffalo, NY 14201

West Side Neighborhood

Estimated Value: $1,058,869

9 Beds
3 Baths
14,119 Sq Ft
$75/Sq Ft Est. Value

Last Sold February 16, 2024

Last sale price $1,000,000 $71 Per Sq Ft

Est. 6% increase in value since last sale

Current estimated payment $6,070/month

49 Days on Market

Highlights

  • Property is near public transit
  • Forced Air Heating System
  • 4-minute walk to Prospect Park
  • Wood Flooring
  • Baseboard Heating

About This Home

As of February 2024

Explore an investment opportunity in the heart of Buffalo's thriving West Side, where significant developments are fueling growth. Nestled on Niagara Street witness the 'Niagara Street Now' project, a monumental streetscape redesign by the City of Buffalo, setting the stage for the area's resurgence. Rich Products is at the helm of constructing a major film and TV studio complex (1.3 miles), promising to drive economic activity. D'Youville College (0.1 miles) from this site, has committed hundreds of millions for campus improvements, including a forthcoming $100M academic center. This property features an 8-unit mixed-use brick building (w/ 2 retail spaces) at the corner of Niagara/Jersey St, along with the adjacent 3-unit building at 181 Jersey St totaling 11 total rentable spaces. The property currently enjoys full occupancy, yielding an impressive ~$120k in top-line revenue and being marketed at a TRUE 6.37% cap rate.Rental rates for the 'tenanted' spaces are below market, offering room for favorable adjustments. Join the growth trajectory and capitalize on the promising market dynamics and position for attractive returns. Don't miss your chance to be part of Buffalo's future!

Last Agent to Sell the Property

Ryan Burke

Listing by WNY Metro Roberts Realty Brokerage Phone: 716-572-2848 License #10301222154 Listed on: 10/17/2023

WNY Metro Roberts Realty

Co-Listed By

Nicholas Giambra

Listing by Iconic Real Estate Brokerage Phone: 716-572-2848 License #10301221885

Last Buyer's Agent

Ryan Burke

Listing by WNY Metro Roberts Realty Brokerage Phone: 716-572-2848 License #10301222154 Listed on: 10/17/2023

WNY Metro Roberts Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,557

Year Built

  • Built in 1920

Lot Details

  • 5,874 Sq Ft Lot
  • Lot Dimensions are 44x132

Parking

  • No Garage

Home Design

  • Brick Exterior Construction

Interior Spaces

  • 9 Bedrooms
  • 14,119 Sq Ft Home
  • 2-Story Property
  • Basement Fills Entire Space Under The House

Flooring

  • Wood
  • Vinyl

Location

  • Property is near public transit

Utilities

  • Forced Air Heating System
  • Heating System Uses Gas
  • Baseboard Heating
  • Gas Water Heater

Community Details

  • 11 Units

Listing and Financial Details

  • Rent includes trash collection, water
  • Tax Lot 31
  • Assessor Parcel Number 140200-099-830-0006-031-000

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,557

Year Built

Built in 1920

Lot Details

0

Listing Details

  • Property Sub Type: Other
  • Property Type: Multi Family
  • Rent Includes: Trash Collection, Water
  • Year Built: 1920
  • Unit: 1
  • Attribution Contact: 716-572-2848
  • Lot Features: Near Public Transit
  • Road Frontage Type: Main Thoroughfare
  • Co List Office Mls Id: KWNY
  • Co List Office Phone: 716-832-3300
  • Directions: Directly on Niagara St and Jersey
  • Flooring: Hardwood, Varies, Vinyl
  • Garage Yn: No
  • Unit Levels: Two
  • Year Built Details: Existing
  • ResoBuildingAreaSource: PublicRecords
  • Property Sub Type Additional: Other
  • Special Features: None

Interior Features

  • Appliances: Gas Water Heater
  • Basement: Full
  • Basement YN: Yes
  • Total Bedrooms: 9
  • Stories: 2
  • Stories: 2

Exterior Features

  • Acres: 0.1348
  • Waterfront: No
  • Construction Type: Brick

Garage/Parking

  • Parking Features: None, No Driveway, No Garage

Utilities

  • Heating: Gas, Baseboard, Forced Air
  • HeatingYN: Yes
  • Utilities: Sewer Connected, Water Connected
  • Water Source: Connected, Public

Condo/Co-op/Association

  • Community Features: Other, See Remarks
  • Senior Community: No

Schools

  • Junior High Dist: Buffalo

Lot Info

  • Parcel Number: 140200-099-830-0006-031-000
  • Lot Dimensions: 44X132
  • Lot Size Sq Ft: 5874.0
  • ResoLotSizeUnits: Acres
  • ResoLotSizeUnits: Acres

Multi Family

  • Number Of Units Total: 11

Tax Info

  • Tax Annual Amount: 12557.0
  • Tax Lot: 31

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Oct 17, 2023
Closed on
Feb 13, 2024
Sold by
Buffalove Holdings Llc
Bought by
Kdkhatib Enterprises Llc
Seller's Agent
Ryan Burke
WNY Metro Roberts Realty
Buyer's Agent
Ryan Burke
WNY Metro Roberts Realty
List Price
$1,100,000
Sold Price
$1,000,000
Premium/Discount to List
-$100,000
-9.09%
Views
44
Current Estimated Value
$1,058,869

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$58,869
Avg. Annual Appreciation
4.17%
Original Mortgage
$750,000
Outstanding Balance
$740,387
Interest Rate
6.62%
Mortgage Type
Commercial
Estimated Equity
$318,482

Purchase Details

Closed on
Sep 26, 2016
Sold by
Jergo Llc
Bought by
Buffalove Holdongs Llc

Purchase Details

Closed on
May 29, 2012
Sold by
Flanders Vent Llc
Bought by
Jergo Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$236,000
Interest Rate
3.9%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 5, 2006
Sold by
Flanders Ventures Llc
Bought by
Flanders Vent Llc

Purchase Details

Closed on
May 27, 2004
Sold by
Wilcox Thomas M and Secchiaroli Michael A
Bought by
Flanders Ventures Llc
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Kdkhatib Enterprises Llc $991,000 None Available
Kdkhatib Enterprises Llc $991,000 None Available
Buffalove Holdongs Llc $590,000 None Available
Buffalove Holdongs Llc $590,000 None Available
Jergo Llc $295,000 None Available
Flanders Vent Llc $3,725 None Available
Flanders Ventures Llc $225,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Kdkhatib Enterprises Llc $750,000
Closed Kdkhatib Enterprises Llc $750,000
Previous Owner Jergo Llc $236,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
02/16/2024 02/16/24 Sold $1,000,000 -9.1% $71 / Sq Ft
12/04/2023 12/04/23 Pending -- -- --
10/16/2023 10/16/23 For Sale $1,100,000 -- $78 / Sq Ft
Source: Western New York Real Estate Information Services (WNYREIS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $2,660 $525,000 $56,600 $468,400
2023 $2,660 $525,000 $56,600 $468,400
2022 $2,640 $525,000 $56,600 $468,400
2021 $2,640 $525,000 $56,600 $468,400
2020 $1,424 $525,000 $56,600 $468,400
2019 $7,115 $185,000 $5,800 $179,200
2018 $6,577 $185,000 $5,800 $179,200
2017 $1,101 $185,000 $5,800 $179,200
2016 $6,191 $185,000 $5,800 $179,200
2015 -- $185,000 $5,800 $179,200
2014 -- $185,000 $5,800 $179,200
Source: Public Records

Agents Affiliated with this Home

  • Ryan Burke

    Seller's Agent in 2024

    Ryan Burke

    WNY Metro Roberts Realty

    (716) 572-2848

    14 in this area

    215 Total Sales

    Ryan Burke
    Section Image
  • Nicholas Giambra

    Seller Co-Listing Agent in 2024

    Nicholas Giambra

    Iconic Real Estate

    (716) 670-3721

    27 in this area

    212 Total Sales

    Nicholas Giambra
    Section Image
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Map

Source: Western New York Real Estate Information Services (WNYREIS)

MLS Number: B1504660

Western New York Real Estate Information Services (WNYREIS)

APN: 140200-099-830-0006-031-000

New York Erie County Buffalo 14201 West Side

585 Niagara St Unit 1, Buffalo, NY

This home is located at 585 Niagara St Unit 1, Buffalo, NY 14201 since 17 October 2023 and is currently estimated at $1,058,869, approximately $74 per square foot. This property was built in 1920. 585 Niagara St Unit 1 is a home located in Erie County with nearby schools including Elmwood Village Charter School Days Park.

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