Seven-Unit Apartment
For Sale
$1,100,000
314 Park Ave, Rochester, NY 14607
Each residence includes its own full basement and unfinished walk-up attic for additional storage.
Property Size9,730 SF
Price / SF$113.05
Days on Market14
Property Features for 314 Park Ave
General Information
Standard status
Active
Size
9,730 SF
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
7 x 3BR
Multifamily Units
7
Additional Details
Asking Price
$1,100,000
Taxes and HOA fees
Annual Taxes
$28,598
Building Details
Building Size
9,730 SF
Year Built
1900
Stories
2
Units
7
Listed By:
Arthur E. Morris Jr.
(585) 662-3505
Source:
Elliman
Added: Sep 12
Changed: Sep 15
Last Checked: Sep 24 at 2:47PM
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 Arthur E. Morris Jr.
Investment Insights
Based on property information with market context.
Built in 1900, this seven-unit apartment property contains approximately 9,730 square feet and offers seven three-bedroom residences. Two apartments have 1.5 baths, while the other five include one full bath. Every unit has its own full basement and unfinished walk-up attic, creating substantial storage areas. Six apartments are occupied under existing leases, and one is available for immediate rental.
Located at 314 Park Ave in Rochester’s Park Avenue neighborhood, the property records a Walk Score of 91, a Bike Score of 77, and a Transit Score of 52. Residents pay their own gas and electric utilities, while water is paid by ownership. The current Certificate of Occupancy remains valid through 12/11/2028.
Located at 314 Park Ave in Rochester’s Park Avenue neighborhood, the property records a Walk Score of 91, a Bike Score of 77, and a Transit Score of 52. Residents pay their own gas and electric utilities, while water is paid by ownership. The current Certificate of Occupancy remains valid through 12/11/2028.
Key Highlights
- Seven 3‑bedroom apartments within approximately 9,730 square feet
- Unit mix includes two apartments with 1.5 baths and five with 1 full bath
- Each apartment has its own full basement and unfinished walk‑up attic
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
$99,814
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
9.07%
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%
$1,996,280
$2.0M
Cap Rate 7%
$1,425,914
$1.4M
Cap Rate 9%
$1,109,044
$1.1M
Market Conditions
NOI Build-Up for 9,730 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
$192.7K $19.80/SF
− Vacancy
−$11.2K −$1.15/SF
EGI
$181.5K $18.65/SF
− OpEx
−$81.7K −$8.39/SF
NOI
$99.8K $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%
$1,996,280
Cap Rate 7%
$1,425,914
Cap Rate 9%
$1,109,044
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.66M
NOI $99,814 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,582 @ 7.0% cap · market cap 16.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,621
Businesses Nearby
Explore this area
Business Placement
Demographics for 14607, NY
16,298
Population
11,971
Households
1.4
Avg Household Size
32
Median Age
60%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
9,587
Density / Sq Mi
$56,270
Median Household Income
$44,018
Median Earnings
$1,129
Median Rent
$304,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Each residence includes its own full basement and unfinished walk-up attic for additional storage.
Where is this apartment building located?
The property is located at 314 Park Ave Rochester, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Seven 3‑bedroom apartments within approximately 9,730 square feet; Unit mix includes two apartments with 1.5 baths and five with 1 full bath; Each apartment has its own full basement and unfinished walk‑up attic
