3-Unit
New
For Sale
$680,000
587 University Ave, Rochester, NY 14607
A vacant ground-floor apartment sits alongside two occupied upper-level units.
Property Size5,109 SF
Days on Market1
Property Features for 587 University Ave
General Information
Standard status
Active
Size
5,109 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Neighborhood of the Arts
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$13,410
Building Details
Building Size
5,109 SF
Year Built
1893
Buildings
1
Units
3
Listing Agency:
East Ave Realty
Listed By:
Leah Kathryn Ferreri · License #10401300828
(585) 200-4905
Source:
Elliman
Added: Oct 23
Last Checked: Oct 23 at 5:05PM
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 East Ave Realty
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Investment Insights
Based on property information with market context.
Built in 1893, this three-unit residential property has a vacant first-floor apartment and two rented apartments above. The second-floor unit contains 3 bedrooms and 1.5 bathrooms, with a lease running through June 2027. The third-floor unit has 2 bathrooms. A detached garage is also available for rent. HVAC equipment serving two units and a side condenser were replaced approximately 2 years ago; the house meters and electrical breakers date to approximately 20 years ago, and the water heater is approximately 10 years old.
The property is at 587 University Ave in Rochester, near the University of Rochester, Strong Memorial Hospital, shopping, dining, and neighborhood amenities. Its Walk Score is 91, its bike score is 77, and its transit score is 52.
The property is at 587 University Ave in Rochester, near the University of Rochester, Strong Memorial Hospital, shopping, dining, and neighborhood amenities. Its Walk Score is 91, its bike score is 77, and its transit score is 52.
Key Highlights
- Three residential units in a building constructed in 1893
- Second‑floor apartment has 3 bedrooms and 1.5 bathrooms; lease extends through June 2027
- Third‑floor apartment includes 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,799
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,175,980
$1.2M
Cap Rate 7%
$839,986
$840.0K
Cap Rate 9%
$653,322
$653.3K
Market Conditions
NOI Build-Up for 5,109 SF
Gross rent
$88.9K $17.40/SF
− Vacancy
−$4.9K −$0.96/SF
EGI
$84.0K $16.44/SF
− OpEx
−$25.2K −$4.93/SF
NOI
$58.8K $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 Rate 5%
$1,175,980
Cap Rate 7%
$839,986
Cap Rate 9%
$653,322
Alternative Uses
Best Use
Multifamily LT 5
$840.0K
$735.0K – $980.0K
NOI $58,799 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$748.7K
$655.1K – $873.5K
NOI $52,410 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,970 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,734
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - A vacant ground-floor apartment sits alongside two occupied upper-level units.
Where is this triplex located?
The property is located at 587 University Ave Rochester, NY.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Three residential units in a building constructed in 1893; Second‑floor apartment has 3 bedrooms and 1.5 bathrooms; lease extends through June 2027; Third‑floor apartment includes 2 bathrooms
