511-527 State St, Rochester, NY 14608

Property Details for 511-527 State St

Year built

1910

Lot size

0.67 lot acres

Property type

Mixed-use properties

Property subtype

Industrial properties

Description

This exceptional mixed-use property, located at 511-527 State Street in Rochester, NY, presents a compelling investment opportunity. The property comprises two buildings totaling 24,492 square feet on a 0.67-acre lot, offering convenient cross-access between State and Frankfort Streets, along with off-street parking. The buildings, constructed in 1910 and fully renovated in 2015, boast a blend of commercial and residential spaces. The State Street building houses office suites, a warehouse, and eight fully remodeled residential apartments, while the Frankfort Street building features additional remodeled office suites and another small warehouse. Currently, the property enjoys 96% occupancy, with 14 commercial and 8 residential tenants. Two vacant commercial units offer immediate leasing potential. Modern amenities include an elevator, updated sprinkler systems, and electronic entry for enhanced security. The apartments and office spaces feature contemporary updates. Situated on a bus line and within walking distance of Frontier Field, Monroe Community College, High Falls, Genesee Brewery, and numerous restaurants and shops, this property benefits from its proximity to downtown Rochester. Zoned CCD-R (Center City Riverfront), this investment offers a strong 7.26% cap rate and a Pro-Forma NOI of $134,300, making it an ideal acquisition for investors seeking a stabilized, mixed-use asset in a vibrant urban setting. The asking price is $1,850,000, with a price per square foot of $75.53. The property features four stories and is comprised of 24 units.

Location Insight

City

Rochester

County

Monroe

State

New York

Longitude

-77.6226

Latitude

43.1639