23 Nov Sold – Multifamily – 141 Superior St., Jamestown, NY 14701 – Michael McVinney
141 Superior St., Jamestown, NY 14701 is a multifamily investment property located in Western New York.
The Jamestown, NY area is a great region to develop inexpensive positive cashflows in residential rental investment. In this market you can expect to spend under $45,000 per unit for top of market properties. But, the range is approximately $15,000 to $50,000 per unit. This multifamily sold for $55,000 and is a two unit so it sold at $27,500 per unit. Superior St, in Jamestown, NY is a decent neighborhood as is close to schools. The rents are $600 and $500 for a total of $1,000 per month gross rents. According to my experience in the market, this seems to be under market rents. I would guess that the rents could be bumped $100 or so per unit. The City of Jamestown has a property tax rate of approximately $52.00 per thousand. So the buyers should expect to pay approximately $2,860 a year…approximately $240.00 per month. With additional managed expenses I would expect that this property would be around a 6-7 CAP rate. This rate is in line with the nation but, I feel it’s a little low for this market at this time.
If you are looking for a multifamily investment property in the Jamestown, NY area or anywhere in Western New York or Northwestern Pennsylvania feel free to call, text or email Michael McVinney.
Also, you can search for multifamily investment real estate in Western New York here. However, I am always sourcing opportunities in multifamily that aren’t yet public so call, text or email me for these opportunities.
ERA Team VP Real Estate
MLMcVinney & Associates, LLC
716-640-0104 | MM@MLMAS.com