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354 Genesee st - Lenox Apartments 8 Unit Apartment Building Offered at $475,000 at a 10.34% Cap Rate Rochester, NY 14611
Executive Summary
Lenox Point Apartments is a well-maintained, 8-unit multifamily asset located in the Genesee-Jefferson neighborhood of Rochester. This brick-construction building offers investors a rare combination of immediate high-yield stability and significant "proforma" upside. Currently 88% occupied, the property features a "rent-ready" vacant unit, providing an immediate opportunity to increase cash flow upon acquisition.
Investment Highlights:
Strong Day-One Financials: Boasting a 10.3% current cap rate at the moderate price scenario, with a projected proforma cap rate of 16.7%. Tenant-Paid Utilities: All eight units are one-bedroom, one-bathroom layouts and are separately metered for gas and electricity. Tenants are responsible for their own utilities, significantly lowering owner operating expenses. Mechanical & Exterior Upgrades: The building features individual forced-air gas heating systems for every unit and updated windows throughout. Low-Maintenance Asset: Constructed with durable brick and featuring no green space to maintain, this property is ideal for hands-off or out-of-state investors seeking to minimize capital expenditures and routine upkeep. Value-Add Potential: Current average rents are approximately $766 per month; however, market comparable and proforma projections suggest a stabilized rent potential of $825-$850 per unit.
Investment Highlights:
Strong Day-One Financials: Boasting a 10.3% current cap rate at the moderate price scenario, with a projected proforma cap rate of 16.7%. Tenant-Paid Utilities: All eight units are one-bedroom, one-bathroom layouts and are separately metered for gas and electricity. Tenants are responsible for their own utilities, significantly lowering owner operating expenses. Mechanical & Exterior Upgrades: The building features individual forced-air gas heating systems for every unit and updated windows throughout. Low-Maintenance Asset: Constructed with durable brick and featuring no green space to maintain, this property is ideal for hands-off or out-of-state investors seeking to minimize capital expenditures and routine upkeep. Value-Add Potential: Current average rents are approximately $766 per month; however, market comparable and proforma projections suggest a stabilized rent potential of $825-$850 per unit.
Property Facts
| Price | $475,000 | Property Type | Multifamily |
| Price Per Unit | $59,375 | Building Size | 5,188 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 10.34% | Year Built | 1920 |
| No. Units | 8 | Opportunity Zone |
Yes
|
| Price | $475,000 |
| Price Per Unit | $59,375 |
| Sale Type | Investment |
| Cap Rate | 10.34% |
| No. Units | 8 |
| Property Type | Multifamily |
| Building Size | 5,188 SF |
| No. Stories | 2 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
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Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 261400-120-660-0002-012-000-0000 | Improvements Assessment | $252,300 |
| Land Assessment | $7,700 | Total Assessment | $260,000 |
Property Taxes
Parcel Number
261400-120-660-0002-012-000-0000
Land Assessment
$7,700
Improvements Assessment
$252,300
Total Assessment
$260,000
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354 Genesee st - Lenox Apartments
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