947 N Union St, Olean, NY 14760

Description

THREE UNITS, THREE LONG-TERM TENANCIES, AND WOODWORK YOU HAVE TO SEE

Some multi-family properties are bought for the spreadsheet alone. This one gives you both — a solid set of numbers and a building people actually want to live in.

THE CONDITION

The property presents as well maintained throughout — looked after rather than merely occupied. All three units are in solid rentable condition today, with incredible woodwork throughout.

WHAT HAS ALREADY BEEN DONE

NEW SEWER LINE FROM THE STREET. If you have owned rental property in an older neighborhood, you know exactly what this is worth. It is among the most expensive and disruptive repairs a building of this era can face, and it is done.
UPDATED ELECTRICAL PANELS.
UTILITIES LARGELY SEPARATED by unit, keeping operating costs predictable and accountability clear.

THE LAYOUT

Three units, six bedrooms, and three baths in total. Each unit has its own porch—private outdoor space for each tenancy—and the upstairs unit has two. The front lower unit has its own laundry. The upper and rear units share a laundry area in the basement.

THE INCOME PICTURE

All three units are occupied under long-term tenancies, so the property produces income from day one rather than after a lease-up period. Current rents sit below market. That is deliberate, not an oversight: the income has room to move for a buyer who wants it, and the in-place figures are conservative rather than stretched.

PLEASE NOTE, in the interest of a clean transaction: there is no off-street parking, and the owner currently pays electric and water for the lower front and rear units.

AVAILABLE AS A PACKAGE

These three units may be purchased together with a nearby duplex held by the same owner — a combined five units in a single transaction, with one seller and one closing timeline. Each property is a one- to four-unit residential building and can also be purchased individually. Buyers should confirm financing structure with their own lender.