Chestnut Farms Apartments
One, two, and three bedroom apartments with separate utilities
Some apartments have in unit washers and dryers and multiple bathrooms
Open and unique apartment layouts
Amherst location near the State University of NY at Buffalo north Amherst campus
Additional garages and coin laundry
Near office parks and shopping plazas
Property Description
Fourteen apartments with separate utilities in four apartment buildings on a single lot on Chestnut Ridge Road in the town of Amherst. The existing buildings at the site were remodeled and additional new buildings constructed in 1981. There are four apartment buildings; A (six apartments), B (two apartments), C (three apartments, and D (three townhouse apartments). The apartment layouts are large. unique, well thought out. Features include open kitchens and combination hardwood flooring and carpet in the new construction in building A, and the incorporation of rustic barnwood beams, patios, multiple bathrooms, and in unit laundries in building D. The property is in excellent condition with capital improvements and larger repairs from 2020 through 2025. Chestnut Ridge Road is a mix of apartment buildings, condominiums, and student housing adjacent to the State University of NY at Buffalo north Amherst campus. The property is walking distance to the Rensch Road University entrance.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings | Student Housing |
| Price: | $1,750,000 |
| No. of Units: | 11 |
| Cap Rate: | 5.0% |
| Year Renovated: | 1981 |
| Building Size: | 12,787 Sq ft |
| Lot Size: | 1.20 Acres |
| Opportunity Zone: | No |
| Price per unit: | $159,091 |
FINANCIAL DETAILS
| Income/expense info: | Pro Forma |
|---|---|
| Financial year: | 2026 |
| Gross income: | 178500 |
| Effective Gross income: | 173275 |
| Operating expenses: | 85776 |
| Net operating income: | 87499 |
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