777 Meigs Street, Rochester, NY 14620

Property Description

RARE OPPORTUNITY TO OWN PROVEN NOI/ROI WINNER IN THE HIGHLY RENTER-DENSE SOUTH WEDGE! WITH A *0% VACANCY RATE* FOR BOTH UNITS IN THE LAST 5 YEARS, AN 8.1% CAP RATE AND AMAZING 10% DEBT YIELD (ASSUMING 80/20 LTV), IT’S A NO-BRAINER FOR FIRST TIME INVESTORS AND THE EXPERTS!!!!! OPPORTUNITY FOR OWNER-OCCUPANT AS WELL! 2 BEDROOMS AND 1 BATH DOWNSTAIRS AND 1 BEDROOM, 1 BATH UPSTAIRS, OFF STREET PARKING, AND PRIVATE ENTRANCES FOR EACH APARTMENT! THIS PROPERTY IS A MONTH-TO-MONTH AND 12-MONTH LEASE WORK HORSE WITH TONS OF INFRASTRUCTURE UPGRADES COMPLETED! ORIGINAL HARDWOODS, FULL KITCHENS, BATHS, WASHERS AND DRYERS IN EACH, AND BASEMENT STORAGE. BOTH UPPER AND LOWER UNITS ARE RENTED: LOWER MONTH TO MONTH WITH 2 YEAR TENANCY, UPPER LEASE JUST RENEWED WITH INCREASE! ADDITIONAL CAPITAL IMPROVEMENTS INCLUDE: NEW ROOF 2014, NEW WINDOWS 2012, AIR CONDITIONING 2019, GUTTERS 2019!!! SEE ATTACHMENT FOR NOI AND EXPENSE BREAKDOWN. THIS PROPERTY IS LOCATED IN A CHARMING NEIGHBORHOOD WITHIN THE HISTORIC SOUTH WEDGE AREA, A VIBRANT CITY COMMUNITY WHERE YOU &/OR YOUR TENANTS ARE WITHIN WALKING DISTANCE TO ARTISAN FOOD/BAKE SHOPS, ECLECTIC RESTAURANTS, CAFES, AND BARS, THE GENESEE (RIVER) GATEWAY PARK, HIGHLAND PARK AND ITS ANNUAL LILAC FESTIVAL. PLENTIFUL DEMAND FROM RENTERS WORKING OR LEARNING AT THE UNIV. OF ROCHESTER, RIT, URMC, HIGHLAND HOSPITAL, THE CITY, AND BEYOND.