2600 Dewey Avenue, Rochester, NY 14616

Property Description

Willow Gardens Apartment Complex at 2600 Dewey Avenue, Rochester, NY 14616 is a rare opportunity to acquire a 56-unit multifamily community offered at $5,495,000.... Comprised of five brick buildings totaling approximately 44,724 square feet, the property features a desirable mix of 40 one-bedroom and 16 two-bedroom apartments.... Extensively upgraded, Willow Gardens has seen significant recent capital improvements, including 11 brand-new boilers, 10 new water tanks, new windows, glass block, and new slider doors to exterior decks. Approximately 45 units have been renovated with new kitchens, bathrooms, flooring, and more, while all common areas have also been upgraded.... Roofs were replaced approximately 10 years ago with 30-year asphalt shingles. Positioned north of Ridge Road between McCall and Stone, the asset benefits from a strong Rochester-area rental market.... Current gross monthly rents are approximately $60,010, with projected annual rental income of $720,120 and a pro forma NOI of $540,000 before management/vacancy and repair assumption. Huge value add when you bring rents up to market.... The property is 2 parcels. Tax address is 2594-2609 Dewey and 2610-2638 Dewey. Bank term sheet from a local bank requested for more information and before showings. Please allow 48 hours for seller to notify tenants for showings. Rent roll and expense information available after submission of bank term sheet or proof of funds if cash purchase. Cash or your own mortgage please. Seller can not hold paper.