Two-Unit Duplex with
For Sale
$299,000
15-17 Cypress Street, Rochester, NY 14620
Residential, Rochester, NY
Property Size2,043 SF
Lot Size0.11 Acres
Price / SF$146.35
Days on Market8
Property Features for 15-17 Cypress Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 2 Unit
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Interior features
NaturalWoodwork
Appliances
GasWaterHeater
Subdivision
Ellwanger & Barry
Lot features
Flag Lot, Near Public Transit, Residential Lot
Elementary school district
Rochester
Middle school district
Rochester
High school district
Rochester
Standard status
Active
APN
261400-121-700-0001-017-003-0000
Size
2,043 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3884
Utilities
Heating system
Natural Gas, Other (Heating)
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Varies, Hardwood, Resilient, Vinyl, Carpet, Tile
Building materials
CompositeSiding, CopperPlumbing, PexPlumbing
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Empire Realty Group
(585) 204-2440
Listed By:
Agnieszka J. Bajan · License #10301202481
(585) 519-2139
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 15 at 1:06PM
MLS# R1713052
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,043-square-foot duplex contains two separate apartments, with a two-bedroom, one-bath layout upstairs and a three-bedroom, one-bath layout below. Both units include in-unit laundry, full appliance packages, spacious rooms, and original architectural character. Natural woodwork, hardwood, tile, vinyl, carpet, and resilient flooring are among the interior finishes.
Each apartment has its own utilities, while water and sewer are shared. Four off-street parking spaces serve the property. Built in 1890, the building has composite siding, copper and PEX plumbing, a natural gas heating system, a gas water heater, and public water service.
The property is located in Rochester near Highland Park and College Town, with shopping, dining, entertainment, and other amenities in the surrounding area.
Each apartment has its own utilities, while water and sewer are shared. Four off-street parking spaces serve the property. Built in 1890, the building has composite siding, copper and PEX plumbing, a natural gas heating system, a gas water heater, and public water service.
The property is located in Rochester near Highland Park and College Town, with shopping, dining, entertainment, and other amenities in the surrounding area.
Key Highlights
- Two apartments: 2 bedrooms and 1 full bath upstairs; 3 bedrooms and 1 full bath downstairs
- 2,043 square feet on a 0.11‑acre lot
- 4 off‑street 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
$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
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?
Duplex - Two apartments offer separate utilities, in-unit laundry, full appliance packages, and distinct bedroom layouts.
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: 2 bedrooms and 1 full bath upstairs; 3 bedrooms and 1 full bath downstairs; 2,043 square feet on a 0.11‑acre lot; 4 off‑street parking spaces
