Meigs Street Multifamily Investment
For Sale
$349,777
Pending
262 Meigs St, Rochester, NY 14607
Investment property with new kitchen, bathrooms, flooring, and more!
Property Size2,550 SF
Lot Size0.14 Acres
Days on Market271
Property Features for 262 Meigs St
General Information
Standard status
Pending
Size
2,550 SF
Lot size
0.14 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,987
Building Details
Building Size
2,550 SF
Year Built
1900
Stories
2
Units
3
Listing Agency:
(585) 506-7151
Listed By:
Kevin P. Crego · License #3312507
(585) 506-7151
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 21
Last Checked: Aug 24 at 7:47AM
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 Kevin P. Crego
Investment Insights
Based on property information with market context.
Located at 262 Meigs St, this property presents an investment opportunity. It is suitable for generating rental income or for an owner-occupant to live in one unit and rent out the others. The property features a new kitchen with new cabinets and appliances, new bathrooms, new flooring, and refinished hardwood floors. Additional improvements include vinyl replacement windows, fresh paint, a new front porch, new plumbing, a new 90% high-efficiency furnace, and a new laundry area with a sink.
Key Highlights
- Fully renovated with a new kitchen, bathrooms, flooring, and refinished hardwood floors.
- Turnkey investment property or owner‑occupied with rental income potential.
- New, high‑efficiency 90% furnace.
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
$26,159
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
7.48%
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%
$523,180
$523.2K
Cap Rate 7%
$373,700
$373.7K
Cap Rate 9%
$290,656
$290.7K
Market Conditions
NOI Build-Up for 2,550 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
$50.5K $19.80/SF
− Vacancy
−$2.9K −$1.15/SF
EGI
$47.6K $18.65/SF
− OpEx
−$21.4K −$8.39/SF
NOI
$26.2K $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%
$523,180
Cap Rate 7%
$373,700
Cap Rate 9%
$290,656
Alternative Uses
Best Use
Apartment 5plus
$373.7K
$327.0K – $436.0K
NOI $26,159 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$698.6K
$611.2K – $815.0K
NOI $48,899 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,887
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Investment property with new kitchen, bathrooms, flooring, and more!
Where is this multifamily property located?
The property is located at 262 Meigs St Rochester, NY.
What is the asking price?
The asking price for this property is $349,777.
What are key features of this property?
This property features: Fully renovated with a **new kitchen, bathrooms, flooring, and refinished hardwood floors.**; Turnkey investment property or owner‑occupied with rental income potential.; New, high‑efficiency 90% furnace.
