Meigs Street Triplex Investment
For Sale
$349,777
Pending
262 Meigs St, Rochester, NY 14607
Updated triplex with new features, ideal for investment or owner-occupancy.
Property Size2,550 SF
Lot Size0.14 Acres
Days on Market199
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
Listed By:
Kevin P. Crego · License #3312507
(585) 506-7151
Source:
Elliman
Added: Mar 11
Changed: Sep 12
Last Checked: Sep 24 at 2:24PM
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, Rochester, NY 14607, this triplex presents an investment opportunity. The property features a new kitchen with new cabinets and appliances, as well as new bathrooms. The flooring has been updated, and the hardwood floors have been refinished. Vinyl replacement windows have been installed, and the property has been freshly painted. A new front porch has been added, along with new plumbing, a new 90% high-efficiency furnace, and a new laundry area with a sink. This residential income property is suitable for generating rental income or for an owner to live in one unit and rent out the others.
Key Highlights
- Turnkey investment property or owner‑occupied with rental income potential.
- Completely renovated: new kitchen, bathrooms, flooring, and refinished hardwood floors.
- New, energy‑efficient 90% high‑efficiency 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
$29,348
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
8.39%
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%
$586,960
$587.0K
Cap Rate 7%
$419,257
$419.3K
Cap Rate 9%
$326,089
$326.1K
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
$44.4K $17.40/SF
− Vacancy
−$2.4K −$0.96/SF
EGI
$41.9K $16.44/SF
− OpEx
−$12.6K −$4.93/SF
NOI
$29.3K $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%
$586,960
Cap Rate 7%
$419,257
Cap Rate 9%
$326,089
Alternative Uses
Best Use
Multifamily LT 5
$419.3K
$366.9K – $489.1K
NOI $29,348 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$373.7K
$327.0K – $436.0K
NOI $26,159 @ 7.0% cap · market cap 7.48%
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
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Open Analytics
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
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?
Triplex - Updated triplex with new features, ideal for investment or owner-occupancy.
Where is this triplex 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: Turnkey investment property or owner‑occupied with rental income potential.; Completely renovated: **new kitchen, bathrooms, flooring, and refinished hardwood floors.**; New, energy‑efficient 90% high‑efficiency furnace.
