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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.
| DAYS ON MARKET | 35 | LAST UPDATED | 7/10/2025 |
|---|---|---|---|
| YEAR BUILT | 1920 | COMMUNITY | Depew Village-Lancaster-145201 |
| COUNTY | Erie | STATUS | Active |
| PROPERTY TYPE(S) | Commercial |
| School District | Depew |
|---|
| PRICE HISTORY | |
| Prior to Jul 10, '25 | $500,000 |
|---|---|
| Jul 10, '25 - Today | $450,000 |
| ADDITIONAL DETAILS | |
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | Depew Village-Lancaster-145201 |
| BASEMENT | None |
| CONSTRUCTION | Concrete |
| GARAGE | Yes |
| HEAT | Baseboard, Forced Air, Gas, Wall Furnace |
| INTERIOR | Private Restrooms |
| LOT | 4792 sq ft |
| LOT DESCRIPTION | Rectangular, Rectangular Lot |
| LOT DIMENSIONS | 40x120 |
| PARKING | Common,On Site,Surfaced |
| SEWER | Public Sewer |
| STORIES | 3 |
| TAXES | 7631 |
| UTILITIES | Electricity Connected,Sewer Connected,Water Connected, Electric - Other |
| WATER | Public |
| ZONING | Residential Multi Use |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
0
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Listing provided by: Nicholas Giambra, Iconic Real Estate
Listing data courtesy of the Internet Data Exchange (IDX) Program of CNYIS and the Adirondack Champlain Valley Multiple Listing Service.
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This IDX solution is (c) Diverse Solutions 2025.
