Multifamily with Immense Upside
26 Apartment Units | Online Auction Sale | Rochester, NY 14613
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
- Property Type
-
Multifamily
- Square Feet
- 15,360 SF
Listing Contacts
Jacklene Chesler
Verified Profile
Patrick Norris
Verified Profile
Matthew Cohen
Verified Profile
Cheri Mascitelli
Verified Profile
- Property Info
Property Overview
As exclusive agent, Colliers is pleased to offer for sale 512 & 514 Lake Avenue, Rochester, New York (“512 & 514 Lake” or the “Property”). The Property consists of two adjacent 13-unit multi-family buildings on separate tax parcels. Rochester is New York’s fourth largest city, with a metro area population of over one million.
The Property sits on 0.59 acres of land and includes six parking spaces. The buildings have been well maintained; ownership has recently invested in both a roof replacement, a new heating boiler, and a domestic hot water boiler.
512 & 514 Lake is 1-mile northwest of downtown Rochester. There is a bus stop immediately outside the Property which provides regular service to downtown. Aldi supermarket, Dunkin' Donuts, Wendy’s and Dollar General, among many other local retailers, restaurants and parks are within a short walking distance. Also within 3-miles are two major hospitals (Rochester General Hospital and Unity Specialty Hospital) and the Rochester Amtrak station.
In 2018, The Roc the Riverway initiative was passed to revitalize downtown Rochester along the Genesee River. The project has already been a boon to the city – in June 2024, America’s largest beer import company Constellation Brands (NYSE: STZ) opened its global headquarters less than 2-miles from the Property. At the time, New York Governor Kathy Hochul was quoted saying “Downtown Rochester is becoming a hub for prosperous, talent-rich companies, and this transformative project at the historic Aqueduct Building will add
another leading business to the mix, unlocking economic opportunity along the waterfront for generations to come.”
For more information, please contact Patrick Norris at [email protected]/973-299-3010.
The Property sits on 0.59 acres of land and includes six parking spaces. The buildings have been well maintained; ownership has recently invested in both a roof replacement, a new heating boiler, and a domestic hot water boiler.
512 & 514 Lake is 1-mile northwest of downtown Rochester. There is a bus stop immediately outside the Property which provides regular service to downtown. Aldi supermarket, Dunkin' Donuts, Wendy’s and Dollar General, among many other local retailers, restaurants and parks are within a short walking distance. Also within 3-miles are two major hospitals (Rochester General Hospital and Unity Specialty Hospital) and the Rochester Amtrak station.
In 2018, The Roc the Riverway initiative was passed to revitalize downtown Rochester along the Genesee River. The project has already been a boon to the city – in June 2024, America’s largest beer import company Constellation Brands (NYSE: STZ) opened its global headquarters less than 2-miles from the Property. At the time, New York Governor Kathy Hochul was quoted saying “Downtown Rochester is becoming a hub for prosperous, talent-rich companies, and this transformative project at the historic Aqueduct Building will add
another leading business to the mix, unlocking economic opportunity along the waterfront for generations to come.”
For more information, please contact Patrick Norris at [email protected]/973-299-3010.
Property Details
- Class
- C
- Year Built
- 1900
- Stories
- 3
- Lot Size (sq. ft)
- 25,700 SF
- Units
- 26
Highlights
- 26-unit multi-family opportunity.
- Value-add potential through lease-up and unit turnover.
- Free market units, no rent control.
- Well-maintained building with recent capital expenditure.
- 1 mile from downtown Rochester, New York’s fourth-largest city.
- Nearby amenities include Aldi, Dunkin', Wendy’s and Dollar General.
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