11-Unit Apartment
New
For Sale
$1,375,000
287-289 Park Ave, Rochester, NY 14607
Two buildings share a laundry room available to residents across the property.
Property Size4,664 SF
Days on Market1
Property Features for 287-289 Park Ave
General Information
Standard status
Active
Size
4,664 SF
Total Parking Spaces
13
Property subtype
Commercial
Units
Unit Mix
7 x 1BR, 2 x 2BR, 2 x studio
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$27,156
Amenities
shared laundry room
Building Details
Building Size
4,664 SF
Year Built
1900
Buildings
2
Stories
3
Listing Agency:
Elysian Homes by Mark Siwiec and Associates
Listed By:
Mark A. Siwiec · License #10491212604
(585) 304-7544
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 8:56AM
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 Elysian Homes by Mark Siwiec and Associates
Investment Insights
Based on property information with market context.
The offering combines two apartment buildings at 287–289 and 297–299 Park Avenue, built in 1900. Together, they contain 11 residences: seven one-bedroom apartments, two two-bedroom apartments, and two studios. A laundry room at 297 Park Avenue serves residents of both buildings, and the property includes 13 parking spaces.
The buildings are in Rochester’s Park Avenue neighborhood, near restaurants, cafés, boutiques, and other neighborhood amenities. Utility arrangements vary by building: residents at 287–289 Park Avenue pay for their own electricity and cooking gas, while residents at 297–299 Park Avenue pay for electricity.
The buildings are in Rochester’s Park Avenue neighborhood, near restaurants, cafés, boutiques, and other neighborhood amenities. Utility arrangements vary by building: residents at 287–289 Park Avenue pay for their own electricity and cooking gas, while residents at 297–299 Park Avenue pay for electricity.
Key Highlights
- Two apartment buildings offered together at 287–289 and 297–299 Park Avenue
- 11 residences: seven one‑bedroom apartments, two two‑bedroom apartments, and two studios
- 13 parking spaces
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
$47,845
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
3.48%
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%
$956,900
$956.9K
Cap Rate 7%
$683,500
$683.5K
Cap Rate 9%
$531,611
$531.6K
Market Conditions
NOI Build-Up for 4,664 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
$92.3K $19.80/SF
− Vacancy
−$5.4K −$1.15/SF
EGI
$87.0K $18.65/SF
− OpEx
−$39.1K −$8.39/SF
NOI
$47.8K $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%
$956,900
Cap Rate 7%
$683,500
Cap Rate 9%
$531,611
Alternative Uses
Best Use
Apartment 5plus
$683.5K
$598.1K – $797.4K
NOI $47,845 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,437 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings share a laundry room available to residents across the property.
Where is this apartment building located?
The property is located at 287-289 Park Ave Rochester, NY.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Two apartment buildings offered together at 287–289 and 297–299 Park Avenue; 11 residences: seven one‑bedroom apartments, two two‑bedroom apartments, and two studios; 13 parking spaces
