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Brick 8 Unit Building 91 Reynolds Street

Rochester, NY Offered at $375,000

ContactFor more information: Mark Palazzo Licensed Real Estate Broker, Commercial Real Estate Consultant Rich Realty 3349 Monroe Ave, Suite 286 Rochester, NY 14618 Phone: 585-259-4050 email: mark@TheRichGroup.com Link: Mark’s Book

Description

91 Reynolds Street, Rochester NY, 14608 8 Unit brick apartment building

Off Street Parking

6 two bed units and 2 one bed units

Furnaces are mid to late life

Roof is mid to late life

Apartment renovations were done in 2018

Exterior painted in 2019

Description

Built in 1920

5,562 square feet

Approximately half government assisted tenants and half cash

Current tenants:

Unit 1, 2 and 7 are up to date

4, 5 and 6 have applied for Covid Relief

Unit 3 is not current, unit 8 is slow

No Wholesalers please!

Pictures

Link to more Pictures

Location Links

Location

Neighborhood Information

Rochester NY

Rochester Brag Book

Rent Roll

Apt Beds Rent Lease Start Lease End

1 2 $805 2/1/20 MTM

2 2 $675 4/9/21 MTM

3 1 $650 2/1/20 MTM

4 2 $650 12/1/20 MTM

5 2 $775 2/1/20 MTM

6 2 $775 2/1/20 MTM

7 1 $675 9/3/21 12/31/21

8 2 $735 10/1/20 MTM

$5,740

1 Pro Forma P &L / METRICS2 Price $375,000 Metrics:3 Square feet 5,5624 Total Annual Rents $68,880 Price per SF $67.425 Vacancy (5%) ($3,444) Rents per square foot $1.036 Net Rents $65,436 Price to Rents (GRM) 5.447 Monthly Gross rents $5,740 Expense Ratio 52.2%8 Cap Rate 8.89 Operating Expenses Mortgage Assumptions:10 Taxes $16,192 Price $375,00011 Insurance $3,000 Down Payment $93,75012 Utilities $0 Mortgage Principal $281,25013 Water $1,400 Interest Rate 4.50%14 Refuse $2,100 Length In Months 30015 Management (10%) $6,544 Annual Payment $18,75916 Repairs and Maint (5%) $3,272 Cash Flow after mortgage $14,16917 Total Operation Costs $32,507 Cash on Cash return 15.11%18 Net Operating Income $32,929 Debt Coverage Ratio 1.7619 Monthly IR 0.00375

County Demographics

Monroe County is made up of 19 towns, 10 villages and the city of Rochester, with a combined population of about 750,000 residents over 657 square miles.

There are about 330,000 total housing units, of which 120,000 are non owner occupied. From its early agricultural start, Monroe County has developed into a modern center for High Technology, Education and Medicine.

Demographic Link

Employment

Employer Employees University of Rochester 29,003

Rochester Regional Health 15,953

Wegman’s Food Markets 13,494

Paychex 4,425

Rochester Institute of Technology 4,100

Xerox 3,700

* Source: Rochester newspaper list “Top Employers”

Disclaimer

This is a marketing communication. All information regarding the property for sale is from sources believed to be reliable. The information is for illustrative purposes only and all potential purchasers are recommended to make a thorough investigation to authenticate all information to their own satisfaction. Mortgage assumptions used are believed to be reasonable but final terms will be based on investor credit worthiness. Rich Realty makes no representations as to the accuracy of this brochure. Rich Realty is acting as an Agent of the Seller. If you have a brokerage relationship with another agency, this is not intended as a solicitation.