259, 261, 263 Flower City Park
259-261-263 Flower City Park is a 3 family house with beautiful original trim work and hardwood floors throughout. The house is in a very nice neighborhood with mostly owner occupied houses. It is directly across the street from Sacred Heart Cathedral and The Bishop of The Rochester Diocese residence. The street is very wide and the house are set far back in the lots formal avenue style.
Apartment 1. 261 Flower City Park. First floor. 3 bedrooms 1 bath. Current status: Occupied by the landlord as an office and storage space. The landlord intends to occupy this unit and pay rent to new owner until October 1, 2020. (Negotiable) unit will be cleaned and repainted and new carpet in 1 bedroom. Could be an owners unit. Rent is $1200
Unit has a large living room with brick/ gas fireplace (gas disconnected), all hardwood floors except 1 bedroom is carpeted, dining room and three bedrooms. Lots of natural trim in this unit. Its very spacious. The Bathroom was redone not to long ago and all of the plumbing is updated.
Apartment 2 263 Flower City Park. Second floor front. 1 bedroom 1 bath Current status: Rented. The tenant is a very quiet, single, neat and mature consistent payer and month to month resident for 3 years. Rent is $700
The apartment is Beautiful with a private entrance and other unique features. The large living room has a brick, gas fireplace and mantel (gas disconnected) It also has a bay window in the very large bedroom.
The bathroom is all newly redone with all new plumbing. The kitchen is very cute and helps sell the apartment. Off the front of the unit is a very spacious screened porch.
Apartment 3 259 Flower City Park. Second floor rear. 1 bedroom , 1 bath. Current status: Rented. The tenant is single working and been with the landlord for many years in this and another unit. She is very quiet and neat, month to month, on time payer. Rent is $700
The unit has a very large kitchen with very nice built in cabinets. It has a newly redone bathroom with all new plumbing. This apartment is very peaceful and attractive. It shows very well.
All of the plumbing is updated.
All of the wiring in the house is completely separate and was professionally redone 20 years ago. The roof is approximately 3 years old tear off. The house was painted on the outside approximately 1 year ago .
The basement of this house has a coin operated laundry room. The rest of the basement which is has high ceilings is secure storage and workshop area filled with lots of shelving and work benches and is currently the maintenance and storage area for 50+ rental units it once served. There is a lot of parking in back as well as a 2 car garage used for storage. This house also has an enormous cathedral like full attic that is completely clean. It was also used as storage for the business. In the past the rear apartment was used as the rental and management office.
This house is part of a 12 unit package
Price per unit: 53,300.
monthly rent: $ 2,600.00**
annual rent: $ 31,200.00
Annual expenses: 4,927
Net annual income:$ 26,272.04
CAP rate: 16.43%
Gross rent multiplier: 5.13
** actual rent amounts don't reflect section 8 rates which are higher. See spreadsheets for more info.
Lot size: 50 x 171.5
Heat: 3 Gas forced air
Electrical: 4 100 amp circuit breaker