Unique Opportunity to Redevelop in the Heart of Downtown Rochester

Transcription

1 Unique Opportunity to Redevelop in the Heart of Downtown Rochester St. Paul Street, Rochester, NY St. Paul St Perfect 1031 Exchange Opportunity. Rochester s Largest Neighborhood. Certificate of Occupancy Provided. Easy Condominium Conversion. 87 Walk Score Very Walkable. Clean Environmental Reports. CCD Zoning-Any Legal Use. Balance Your Portfolio. Assumable Mortgage. Multi-Use Property. COMPLETELY RENOVATED 31 Live/Work Lofts (Condo Ready) 3 Street Level Retail Storefronts 2 Light Industrial Spaces 1 Office/Retail Spaces Loading Dock New Elevator 20 Outdoor Parking Spaces For more information contact Steve Kiner at or skiner480@gmail.com $ 5,995,000 Brokers Protected.

2 MAPS & AERIAL PHOTOS

3 MAPS & AERIAL PHOTOS

4 SUMMARY 31 Live / Work Lofts Fifteen Studio Loft Apartments 470sf to 2,300sf ($625 to $1,295/mo) Fourteen 1 Bedroom Loft Apartments 760 to 2,330sf ($845 to $1,310/mo) Two 2 Bedroom Loft Apartments 1160sf ($1,195 to $1,295/mo) Street Level Retail Storefronts Three units (850sf to 2,199sf & $665 to $3,200/mo) Light Industrial/Manufacturing Spaces Two units (400sf to 1,000sf & $250 to $995/mo) Retail/Office Space. One unit (400sf, $665/mo) REMODELED IN 2010 TO INCLUDE: New Kitchens & Baths New Elevator (Basement to Roof) New Fire/Safety & Sprinklers New Windows New Electric Service (3 Phase) New Plumbing New High Efficiency Steam Heat Major Roof Repairs Twenty(20) Outdoor Parking Spaces Rochester s Largest Neighborhood Over 40,000sf of Live/Work space Easy Condominium Conversion Very Walkable Neighborhood Clean Environmental Report CCD Zoning-Any Legal Use Perfect 1031 Exchange Assumable Mortgage Multi-Use Property Loading Dock VIEW FROM ROOF

5 FINANCIAL SUMMARY Constructed as a shipping warehouse for American Express in the early 1900s, the building once housed several companies relating to the clothing industry and more recently it has contained professional photographers and small businesses. Cheap rent and abundance of windows made the building popular with artists. Over the years, deferred maintenance, and mismanagement led to a high vacancy rate. Multiple roof leaks and the breakdown of the elevator caused most of the upper floors to be vacant. Drafty windows and missing radiators made other units un-rentable in the cold weather. In 2008, it was acquired by Belmont Properties and underwent major renovations to convert the building into live/work loft condos. A slowdown in the housing market led to the live/work lofts being built out as apartments, but were constructed for easy conversion to condominiums. Construction was completed and units were rented in The original elevator was removed and a new passenger elevator was installed to service from the basement to the roof. The roof was repaired and all of windows were replaced. The sprinkler system was redesigned and brought up to residential code. A monitored fire system with hardwired smoke detectors & pulls was installed. All new electric service was brought in and each unit received their own meters and electric panels. New hot & cold supply lines and residential water heaters were added to each loft. Additional radiators, new valves, steam traps and a zoned thermostat have made the hot water radiant heat extremely efficient. In addition to the improvements mentioned above, each unit was renovated to include refinished hardwoods, tin ceilings, new lighting and a new kitchen and bath. Each unit pays their own electric, heat and water are included. The configuration of each floor varies in the number of units. The original fire doors between units can be unsecured, allowing for an easy reconfiguration of some units. The Development is located within the neighborhood known as the St. Paul Quarter, an up-andcoming subsection of the center city listed as a Historic District on the National Register of Historic Places. The neighborhood currently contains a good mix of apartments, office space, restaurants, music venues, and retail space. The neighborhood also contains a few underutilized buildings that, when redeveloped, will cement the neighborhood as a true 24-7 urban village.

6 FINANCIAL SUMMARY Total Income 418, , ,286 Property Insurance 13,581 14,359 15,164 Property Taxes - City 33,922 33,407 34,412 Property Taxes - County 11,853 11,748 12,350 Total Maintenance 23,066 21,379 20,484 Total Repairs 15,672 12,901 11,945 Total Other Costs 37,350 44,922 43,551 Total Utilities 44,881 40,954 34,289 Total Expense 180, , ,196 Net Ordinary Income 238, , ,090 No Stories: 6 Rentable Space: 59,067sf Acres:.40 Tax ID#

7 TYPICAL LOFT BEDROOMS & BATHROOMS

8 TYPICAL LOFT KITCHENS

9 TYPICAL LOFT LIVING ROOMS

10 TYPICAL LOFT LIVING ROOMS

11 TYPICAL LOFT LIVING ROOMS