Nearly Completed 16-Unit Apartment
For Sale
Contact for pricing
350 State St, Rochester, NY 14608
Three-story apartment project with a varied unit mix and substantial construction already completed.
Property Size13,060 SF
Price / SF$145.48
Days on Market194
Property Features for 350 State St
General Information
Standard status
Active
Size
13,060 SF
Class
B
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
CCD-R Center City Riverfront
Investment Type
Redevelopment
Additional Details
Asking Price
$1,900,000
Multifamily Units
16
Building Details
Year Built
1900
Year Renovated
2025
Buildings
1
Stories
3
Units
16
Listing Agency:
Revolution Real Estate
(585) 329-3774
Listed By:
Gabrielle Marino · License #10401339826
Source:
Crexi
Added: Feb 19
Changed: Aug 31
Last Checked: Aug 31 at 2:16AM
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 Revolution Real Estate
Investment Insights
Based on property information with market context.
This three-story apartment building contains 16 units planned across a mix of two-bedroom, one-bedroom, and studio layouts. The property is approximately 75% complete, with roughed-in plumbing, installed flooring, and finished bathroom tiling already in place. Remaining work is required to complete the building and prepare the units for occupancy.
Built in 1900, the property is located at 350 State St in Rochester, New York, and carries CCD-R Center City Riverfront zoning. The stated property size is 13,060. The combination of unit count, varied layouts, and advanced construction status provides a defined framework for completing the apartment project.
Built in 1900, the property is located at 350 State St in Rochester, New York, and carries CCD-R Center City Riverfront zoning. The stated property size is 13,060. The combination of unit count, varied layouts, and advanced construction status provides a defined framework for completing the apartment project.
Key Highlights
- 16‑unit apartment building with two‑bedroom, one‑bedroom, and studio layouts
- Three‑story multifamily property approximately 75% complete
- Roughed‑in plumbing, installed flooring, and completed bathroom tiling
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
$133,974
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
7.05%
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%
$2,679,480
$2.7M
Cap Rate 7%
$1,913,914
$1.9M
Cap Rate 9%
$1,488,600
$1.5M
Market Conditions
NOI Build-Up for 13,060 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
$258.6K $19.80/SF
− Vacancy
−$15.0K −$1.15/SF
EGI
$243.6K $18.65/SF
− OpEx
−$109.6K −$8.39/SF
NOI
$134.0K $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%
$2,679,480
Cap Rate 7%
$1,913,914
Cap Rate 9%
$1,488,600
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,974 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,439 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
2,879
Businesses Nearby
Explore this area
Business Placement
Demographics for 14608, NY
13,177
Population
6,935
Households
1.9
Avg Household Size
33
Median Age
24%
College-Educated
83%
High-School Grad
1.8 sq mi
ZIP Area
7,321
Density / Sq Mi
$39,537
Median Household Income
$36,065
Median Earnings
$898
Median Rent
$180,300
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 - Three-story apartment project with a varied unit mix and substantial construction already completed.
Where is this apartment building located?
The property is located at 350 State St Rochester, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 16‑unit apartment building with two‑bedroom, one‑bedroom, and studio layouts; Three‑story multifamily property approximately 75% complete; Roughed‑in plumbing, installed flooring, and completed bathroom tiling
