512-514 Lake Ave Rochester, NY 14613

Property Details for 512-514 Lake Ave

Lot size

0.59 lot acres

Property size

15,360 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 26-unit multifamily property ideally situated at 512-514 Lake Avenue in Rochester, NY. Comprising two adjacent three-story buildings on a 0.59-acre lot, this property offers significant value-add potential. The buildings boast a total of 15,360 square feet and currently maintain an 88% occupancy rate. Recent capital expenditures include a new roof, heating boiler, and domestic hot water boiler, showcasing the property's well-maintained condition. Six parking spaces are available on-site. The property benefits from a prime location just one mile from downtown Rochester, New York's fourth-largest city, with a metro area population exceeding one million. Conveniently located near a bus stop providing regular service to the city center, the property also enjoys proximity to various amenities including Aldi, Dunkin', Wendy's, and Dollar General. Furthermore, major hospitals and the Rochester Amtrak station are within a three-mile radius. The property's free-market rents, without rent control restrictions, present a compelling opportunity for increased profitability through lease-up and unit turnover. The ongoing revitalization of downtown Rochester, including recent developments like the Constellation Brands global headquarters, further enhances the property's long-term investment prospects. This is a rare chance to acquire a well-maintained, income-producing multifamily asset in a thriving urban environment.