Meadowlawn and Meadowspring Apartments
80 apartments: 64 two-bedroom and 16 one-bedroom
Excellent condition with new furnaces, windows, and roofs
Two apartment complexes within 2 ½ miles of each other with a common management office
Turn-key investment with onsite management and maintenance office
Five-acre development site included
Remodeled kitchens and baths
Portfolio Description
80 apartments in two apartment complexes 2 ½ miles of each other; combined sale of the Meadowspring Apartments and the Meadowlawn Apartments in North Tonawanda, New York; and a single simultaneous closing is required. The Meadowlawn Apartments; 32 large luxury two-bedroom units in two 16-unit buildings with 14 garages, and the Meadowspring Apartments; 48 apartments in eight brick buildings including 32 two-bedroom units and 16 one-bedroom units. Turn-key investment with onsite management, rental, and maintenance office. Heat and water included in rent, gas fired baseboard heat. Tenants pay electric including AC. The apartments are in excellent condition; the owners have continuously upgraded the property over the past 20+ years. North Tonawanda, between the cities of Buffalo and Niagara Falls within the Buffalo MSA (pop. 1.25 million), has convenient access to both Erie and Niagara Counties. Near grocery stores, pharmacy, and the University at Buffalo north campus. Downtown North Tonawanda has received considerable public and private investment over the past few years attracting new and higher paying tenants to the area.
Portfolio Key Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $ 11,136,000 |
| No. of Units: | 80 |
| Cap Rate: | 6.6% |
| Year Built: | 1972 |
| Building Size: | 80,288 Sq ft |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $139,200 |
FINANCIAL DETAILS
| Income/expense info: | Pro Forma |
|---|---|
| Financial year: | 2026 |
| Gross income: | 1180620 |
| Effective Gross income: | 1140789 |
| Operating expenses: | 408734 |
| Net operating income: | 732055 |
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