Lenox Apartments 348-352 Genesee St 8 Unit Apartment Building $653,044 CAD ($81,631 CAD/Unit) 10.34% Cap Rate Rochester, NY 14611

Lenox Point Apartments is a well-maintained, 8-unit multifamily asset located in the Genesee-Jefferson neighborhood of Rochester. This brick-construction building offers investors a rare combination of immediate high-yield stability and significant "proforma" upside. Currently 88% occupied, the property features a "rent-ready" vacant unit, providing an immediate opportunity to increase cash flow upon acquisition.
Investment Highlights:
Strong Day-One Financials: Boasting a 10.3% current cap rate at the moderate price scenario, with a projected proforma cap rate of 16.7%. Tenant-Paid Utilities: All eight units are one-bedroom, one-bathroom layouts and are separately metered for gas and electricity. Tenants are responsible for their own utilities, significantly lowering owner operating expenses. Mechanical & Exterior Upgrades: The building features individual forced-air gas heating systems for every unit and updated windows throughout. Low-Maintenance Asset: Constructed with durable brick and featuring no green space to maintain, this property is ideal for hands-off or out-of-state investors seeking to minimize capital expenditures and routine upkeep. Value-Add Potential: Current average rents are approximately $766 per month; however, market comparable and proforma projections suggest a stabilized rent potential of $825-$850 per unit.