706 Terrace Boulevard

Depew NY 14043

8925 sq. ft.

4792 sq. ft.

Multi-Family

Last sold for $430,000

Nicholas Giambra, last sold this property on 28 October 2025 after 139 days on market.

Overview

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.

Features

4 bedrooms

8925 sq. ft. floor area

4792 sq. ft. lot size

Multi-Family

Estimated Value

Based on this property and similar 4 bedroom multi families sold in Depew over the last 12 months, the estimated median property value of 706 Terrace Boulevard is $265k.

Median value

$265k

Estimated value range

$90k - $430k

Median days on market

Estimated value trend

increase over the last 12 months

Average days on market is based on recent, comparable sales in Depew. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.