Waterfront Multifamily
New
For Sale
$734,900
187 Lake Front, Rochester, NY 14617
Three-home waterfront compound with a primary residence, two-bedroom rental homes, lake views, and a sandy beach setting.
Property Size3,398 SF
Price / SF$216.27
Days on Market4
Property Features for 187 Lake Front
General Information
Standard status
Active
Size
3,398 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1908
Buildings
3
Listing Agency:
RE/MAX Realty Group
Listed By:
John M. Rosati · License #40RO0623241
(585) 248-0250
Source:
Skinnercnyrealty
Added: Sep 7
Last Checked: Sep 9 at 9:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Realty Group
Investment Insights
Based on property information with market context.
This multifamily property includes a primary waterfront home and two additional residences, each configured with two bedrooms. The main home dates to 1908 and features hardwood floors, vaulted ceilings, an open kitchen with extensive counter and cabinet space, a sunroom, two full bathrooms, first-floor laundry, and a flexible bonus room. A full attic provides additional space, while the oversized deck includes a retractable awning.
The property extends along Lake Ontario with more than 400 feet associated with the waterfront setting, views, and sandy beach. On-site parking is provided. The two secondary homes are described as well maintained and suitable for rental use, creating a three-home residential income configuration.
The property extends along Lake Ontario with more than 400 feet associated with the waterfront setting, views, and sandy beach. On-site parking is provided. The two secondary homes are described as well maintained and suitable for rental use, creating a three-home residential income configuration.
Key Highlights
- Three‑home multifamily property with one primary residence and two additional homes
- Two additional residences, each with two bedrooms
- Lake Ontario waterfront setting with over 400 feet extending toward sandy beach and lake views
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,858
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$697,160
$697.2K
Cap Rate 7%
$497,971
$498.0K
Cap Rate 9%
$387,311
$387.3K
Market Conditions
NOI Build-Up for 3,398 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$67.3K $19.80/SF
− Vacancy
−$3.9K −$1.15/SF
EGI
$63.4K $18.65/SF
− OpEx
−$28.5K −$8.39/SF
NOI
$34.9K $10.26/SF
Area
Rochester, NY
Vacancy
5.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$697,160
Cap Rate 7%
$497,971
Cap Rate 9%
$387,311
Alternative Uses
Best Use
Apartment 5plus
$498.0K
$435.7K – $581.0K
NOI $34,858 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$930.9K
$814.5K – $1.09M
NOI $65,160 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 14617, NY
22,599
Population
9,747
Households
2.3
Avg Household Size
43
Median Age
50%
College-Educated
97%
High-School Grad
7.9 sq mi
ZIP Area
2,861
Density / Sq Mi
$89,530
Median Household Income
$52,704
Median Earnings
$1,197
Median Rent
$179,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three-home waterfront compound with a primary residence, two-bedroom rental homes, lake views, and a sandy beach setting.
Where is this multifamily property located?
The property is located at 187 Lake Front Rochester, NY.
What is the asking price?
The asking price for this property is $734,900.
What are key features of this property?
This property features: Three‑home multifamily property with one primary residence and two additional homes; Two additional residences, each with two bedrooms; Lake Ontario waterfront setting with over 400 feet extending toward sandy beach and lake views
