Turnkey Three-Unit
For Sale
$499,900
399 E University Ave W 397, Rochester, NY 14607
Move-in-ready triplex with updated kitchens and bathrooms, in-unit and basement laundry access, and refreshed interior finishes.
Property Size2,628 SF
Days on Market63
Property Features for 399 E University Ave W 397
General Information
Standard status
Active
Size
2,628 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$8,659
Building Details
Building Size
2,628 SF
Year Built
1920
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty Greater Rochester
(585) 673-3794
Listed By:
Charity J. Traub · License #10401352033
(585) 673-3794
Source:
Elliman
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 10 at 6:40AM
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 Keller Williams Realty Greater Rochester
Investment Insights
Based on property information with market context.
This completely transformed, move-in-ready triplex offers three separate residential units with updated kitchens and bathrooms. The first-floor unit is a rare three-bedroom, two-bath layout with a private porch and in-unit laundry for added convenience. Upstairs, there is a spacious two-bedroom, one-bath apartment, and a separate one-bedroom, one-bath unit next door. Laundry access is built into the arrangement, including complimentary laundry access in the basement for the one-bedroom unit.
The property is positioned just minutes from dining, boutique shopping, cafes, and popular local hotspots, providing tenants with multiple nearby daily conveniences. Public remarks also note a walkable and bikeable environment, with some transit access.
From a tenant and owner-occupant perspective, the unit mix supports flexible living arrangements while keeping day-to-day operations straightforward with individual electrical panel boxes for each unit. Additional improvements called out include updated windows, gutters, laminate flooring, and fresh interior finishes throughout, helping the property function as a turnkey option for buyers seeking a ready-to-lease configuration.
The property is positioned just minutes from dining, boutique shopping, cafes, and popular local hotspots, providing tenants with multiple nearby daily conveniences. Public remarks also note a walkable and bikeable environment, with some transit access.
From a tenant and owner-occupant perspective, the unit mix supports flexible living arrangements while keeping day-to-day operations straightforward with individual electrical panel boxes for each unit. Additional improvements called out include updated windows, gutters, laminate flooring, and fresh interior finishes throughout, helping the property function as a turnkey option for buyers seeking a ready-to-lease configuration.
Key Highlights
- Move‑in‑ready triplex, built in 1920, with refreshed interior finishes throughout
- First‑floor 3‑bedroom/2‑bath unit with private porch and in‑unit laundry
- Upstairs 2‑bedroom/1‑bath apartment with updated kitchen and bathroom
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
$30,245
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
6.05%
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%
$604,900
$604.9K
Cap Rate 7%
$432,071
$432.1K
Cap Rate 9%
$336,056
$336.1K
Market Conditions
NOI Build-Up for 2,628 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
$45.7K $17.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$43.2K $16.44/SF
− OpEx
−$13.0K −$4.93/SF
NOI
$30.2K $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%
$604,900
Cap Rate 7%
$432,071
Cap Rate 9%
$336,056
Alternative Uses
Best Use
Multifamily LT 5
$432.1K
$378.1K – $504.1K
NOI $30,245 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$385.1K
$337.0K – $449.3K
NOI $26,959 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$719.9K
$629.9K – $839.9K
NOI $50,395 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,712
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?
Triplex - Move-in-ready triplex with updated kitchens and bathrooms, in-unit and basement laundry access, and refreshed interior finishes.
Where is this triplex located?
The property is located at 399 E University Ave W 397 Rochester, NY.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Move‑in‑ready triplex, built in 1920, with refreshed interior finishes throughout; First‑floor 3‑bedroom/2‑bath unit with private porch and in‑unit laundry; Upstairs 2‑bedroom/1‑bath apartment with updated kitchen and bathroom
