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321 Driving Park Ave 17 Unit Apartment Building $1,803,009 CAD ($106,059 CAD/Unit) 9.06% Cap Rate Rochester, NY 14613
Investment Highlights
- Brick Classic Architecture with Many Mechanical & Cosmetic Upgrades
- Multiple Revenue Streams
- High-Visibility Corner Location
Executive Summary
Positioned prominently at the corner of Driving Park Avenue, 321–331 Driving Park Avenue offers investors the opportunity to acquire a substantial and distinctive mixed-use asset in Rochester’s Edgerton neighborhood. The property’s classic brick façade, strong street presence and ground-floor storefronts create the look and feel of a true neighborhood mixed-use building, backed by 17 income-producing units and a 9.06% cap rate.
The asset consists of 14 residential apartments—10 one-bedroom and 4 studio units—along with 3 street-level commercial storefronts, providing diversified income across residential and commercial uses. Electric and cooking gas are separately metered.
Beyond the existing rental income, the property offers additional revenue opportunities through 14 basement storage units, while on-site laundry is professionally leased and serviced under contract.
The building has been carefully maintained and retains tremendous architectural character. Residential units feature hardwood floors, vinyl windows and bright, airy interiors, while ownership has continued investing in the property through meaningful capital improvements.
Recent improvements include a GACO roof (2024), Bradford White hot water tank under warranty (2026), new professionally leased laundry equipment (2025), keyless entry system (2025), Arlo camera system (2025), and upgraded LED lighting throughout common areas, exterior and Store 2 (2026).
A brand-new Certificate of Occupancy will be delivered at closing.
For investors seeking scale, immediate cash flow, diversified income and additional revenue potential, 321–331 Driving Park Avenue presents a compelling opportunity. Its combination of 17 units, prominent corner visibility, classic architecture, recent capital investment and a strong 9.06% going-in cap rate makes this an asset that stands apart from the typical Rochester multifamily offering.
Seller may complete a 1031 Exchange, which could affect the closing timeline.
The asset consists of 14 residential apartments—10 one-bedroom and 4 studio units—along with 3 street-level commercial storefronts, providing diversified income across residential and commercial uses. Electric and cooking gas are separately metered.
Beyond the existing rental income, the property offers additional revenue opportunities through 14 basement storage units, while on-site laundry is professionally leased and serviced under contract.
The building has been carefully maintained and retains tremendous architectural character. Residential units feature hardwood floors, vinyl windows and bright, airy interiors, while ownership has continued investing in the property through meaningful capital improvements.
Recent improvements include a GACO roof (2024), Bradford White hot water tank under warranty (2026), new professionally leased laundry equipment (2025), keyless entry system (2025), Arlo camera system (2025), and upgraded LED lighting throughout common areas, exterior and Store 2 (2026).
A brand-new Certificate of Occupancy will be delivered at closing.
For investors seeking scale, immediate cash flow, diversified income and additional revenue potential, 321–331 Driving Park Avenue presents a compelling opportunity. Its combination of 17 units, prominent corner visibility, classic architecture, recent capital investment and a strong 9.06% going-in cap rate makes this an asset that stands apart from the typical Rochester multifamily offering.
Seller may complete a 1031 Exchange, which could affect the closing timeline.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$243,822
|
$17.42
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$243,822
|
$17.42
|
| Taxes |
$21,171
|
$1.51
|
| Operating Expenses |
$59,361
|
$4.24
|
| Total Expenses |
$80,532
|
$5.75
|
| Net Operating Income |
$163,290
|
$11.66
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $243,822 |
| Annual Per SF | $17.42 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $243,822 |
| Annual Per SF | $17.42 |
| Taxes (CAD) | |
|---|---|
| Annual | $21,171 |
| Annual Per SF | $1.51 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $59,361 |
| Annual Per SF | $4.24 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $80,532 |
| Annual Per SF | $5.75 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $163,290 |
| Annual Per SF | $11.66 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Washer/Dryer
- Eat-in Kitchen
- Tub/Shower
- Basement
Site Amenities
- Laundry Facilities
- On-Site Retail
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
| Studios | 4 | - | - |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 261400 090.82-1-23.001 | Total Assessment | $523,427 CAD |
| Land Assessment | $25,103 CAD | Annual Taxes | $21,171 CAD ($1.51 CAD/SF) |
| Improvements Assessment | $498,324 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
261400 090.82-1-23.001
Land Assessment
$25,103 CAD
Improvements Assessment
$498,324 CAD
Total Assessment
$523,427 CAD
Annual Taxes
$21,171 CAD ($1.51 CAD/SF)
Tax Year
2025
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321 Driving Park Ave
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