Two-Unit Duplex with Off-Street
For Sale
$299,000
15-17 Cypress Street, Rochester, NY 14620
Five bedrooms are distributed across two apartments with dedicated laundry and separate utilities.
Property Size2,043 SF
Days on Market8
Property Features for 15-17 Cypress Street
General Information
Standard status
Active
Size
2,043 SF
Total Parking Spaces
4
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$31,200
Taxes and HOA fees
Annual Taxes
$3,884
Amenities
in-unit laundry
full appliance package
Building Details
Building Size
2,043 SF
Year Built
1890
Buildings
1
Listing Agency:
Empire Realty Group
Listed By:
Agnieszka J. Bajan · License #10301202481
(585) 519-2139
Source:
Griffith-realty
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 15 at 9:14AM
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 Empire Realty Group
Investment Insights
Based on property information with market context.
Built in 1890, this duplex at 15-17 Cypress Street includes two separate apartments. The upper unit has 2 bedrooms and 1 full bath, while the lower unit provides 3 bedrooms and 1 full bath. Both apartments include in-unit laundry, full appliance packages, generous room layouts, and original architectural features. Utilities are separately metered for each apartment, with water and sewer shared between the units.
The property includes 4 off-street parking spaces and is located in Rochester near Highland Park and College Town. Its two-unit configuration, separate utility setup, and differing bedroom layouts provide a clear residential income property format with flexibility for occupancy or leasing.
The property includes 4 off-street parking spaces and is located in Rochester near Highland Park and College Town. Its two-unit configuration, separate utility setup, and differing bedroom layouts provide a clear residential income property format with flexibility for occupancy or leasing.
Key Highlights
- Two apartments: upper unit with 2 bedrooms and 1 full bath; lower unit with 3 bedrooms and 1 full bath
- 4 off‑street parking spaces
- In‑unit laundry and full appliance packages in both apartments
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
$23,513
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
7.86%
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%
$470,260
$470.3K
Cap Rate 7%
$335,900
$335.9K
Cap Rate 9%
$261,256
$261.3K
Market Conditions
NOI Build-Up for 2,043 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
$35.5K $17.40/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$33.6K $16.44/SF
− OpEx
−$10.1K −$4.93/SF
NOI
$23.5K $11.51/SF
Area
Rochester, NY
Vacancy
5.51%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$470,260
Cap Rate 7%
$335,900
Cap Rate 9%
$261,256
Alternative Uses
Best Use
Multifamily LT 5
$335.9K
$293.9K – $391.9K
NOI $23,513 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$299.4K
$262.0K – $349.3K
NOI $20,958 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$559.7K
$489.7K – $653.0K
NOI $39,177 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 14620, NY
24,185
Population
13,060
Households
1.9
Avg Household Size
35
Median Age
56%
College-Educated
92%
High-School Grad
4.4 sq mi
ZIP Area
5,497
Density / Sq Mi
$59,525
Median Household Income
$40,467
Median Earnings
$1,193
Median Rent
$197,700
Median Home Value
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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?
Duplex - Five bedrooms are distributed across two apartments with dedicated laundry and separate utilities.
Where is this duplex located?
The property is located at 15-17 Cypress Street Rochester, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two apartments: upper unit with 2 bedrooms and 1 full bath; lower unit with 3 bedrooms and 1 full bath; 4 off‑street parking spaces; In‑unit laundry and full appliance packages in both apartments
