The Crossings Townhouse Apartments | 167-173 Miller Rd
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The Crossings Townhouse Apartments 167-173 Miller Rd
10 Unit Apartment Building $3,700,424 CAD ($370,042 CAD/Unit) 5.95% Cap Rate Getzville, NY 14068
Investment Highlights
- Ten single floor luxury townhouse apartments
- New construction in 2018, high end finishes
- Included are 2.82 acres for future development
- Two-bedroom two-bath apartments with attached garages and private patios
- Sale is cash to assumption of existing $1,475,000 Fannie Mae mortgage or buyer to arrange new mortgage financing
- Highly rated Williamsville Central School District location
Executive Summary
The Crossings Townhouse Apartment Complex; 10 two-bedroom single floor townhouses with attached garages built in 2019 in Getzville in the town of Amherst within the Williamsville Central School District. The two-bedroom two-bath townhouses include a private entrance, separate tenant utilities, modern open layouts, gas fireplace, washers and dryers, and an attached garage. The kitchens have high end finishes; quartz countertops and stainless appliances. The apartments are zero step with no carpeting, all hard floor finishes. Included are 2.82 acres for future development. The existing $1,475,000 +/- Fannie Mae fixed rate first mortgage through Hunt Real Estate Capital LLC (now Lument Capital) may be assumed in the sale or new mortgage financing may be arranged and buyer to pay yield maintenance prepayment penalty.
Amherst is Western New York’s wealthiest suburb and the neighborhoods within the Williamsville School District are the most desirable. Nearby is the CrossPoint Business Park and the State University of NY at Buffalo north campus.
Amherst is Western New York’s wealthiest suburb and the neighborhoods within the Williamsville School District are the most desirable. Nearby is the CrossPoint Business Park and the State University of NY at Buffalo north campus.
Financial Summary (Pro forma - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$312,117
|
$27.16
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$15,606
|
$1.36
|
| Effective Gross Income |
$296,511
|
$25.81
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$76,276
|
$6.64
|
| Net Operating Income |
$220,235
|
$19.17
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $312,117 |
| Annual Per SF | $27.16 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $15,606 |
| Annual Per SF | $1.36 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $296,511 |
| Annual Per SF | $25.81 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $76,276 |
| Annual Per SF | $6.64 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $220,235 |
| Annual Per SF | $19.17 |
Property Facts
| Price | $3,700,424 CAD | Apartment Style | Low Rise |
| Price Per Unit | $370,042 CAD | Building Class | C |
| Sale Type | Investment | Building Size | 11,490 SF |
| Cap Rate | 5.95% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2018 |
| Property Subtype | Apartment |
| Price | $3,700,424 CAD |
| Price Per Unit | $370,042 CAD |
| Sale Type | Investment |
| Cap Rate | 5.95% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Building Size | 11,490 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2018 |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Fireplace
- Microwave
- Washer/Dryer
- Refrigerator
- Stainless Steel Appliances
- Walk-In Closets
- Island Kitchen
- Patio
- Smoke Free
Site Amenities
- Gas Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 10 | $2,669 CAD | 1,200 |
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Presented by
Brian Heine - Licensed Real Estate Broker
The Crossings Townhouse Apartments | 167-173 Miller Rd
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