KW COMMERCIAL550 Latona Rd. Bldg. C,Ste. 301Rochester, NY 14626
TOD MYERSLicensed Real Estate Salesperson0: 585.758.8430C: [email protected]
Village Mixed Use/Multi-Family
OFFERING MEMORANDUM
PRESENTED BY:
AVON, NY
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 2
KW COMMERCIAL550 Latona Rd. Bldg. C,Ste. 301Rochester, NY 14626
Confidentiality & Disclaimer
TOD MYERSLicensed Real Estate Salesperson0: 585.758.8430C: [email protected]
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.
Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Keller Williams Greater Rochester West in compliance with all applicable fair housing and equal opportunitylaws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.
OFFERING MEMORANDUM
PRESENTED BY:
AVON, NY
PROPERTY INFORMATION
1 | PROPERTY INFORMATION
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
PROPERTY DETAILS
ADDITIONAL PHOTOS
1PROPERTY INFORMATIONVILLAGE MIXED USE/MULTI-FAMILY
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 4
OFFERING SUMMARY
SALE PRICE: $375,000
NUMBER OF UNITS: 6
LOT SIZE: 0.15 Acres
YEAR BUILT: 1900
BUILDING SIZE: 7,272 SF
RENOVATED: 2016
MARKET: Rochester
SUBMARKET: Avon
TRAFFIC COUNT: 9,600
PRICE / SF: $51.57
PROPERTY OVERVIEWTotal renovation makes this mixed use / 5 apartment building WITH COMMERCIALSPACE ON GROUND LEVEL is a great investment in the village. 100%OCCUPANCY! All units have separate utilities including elec, gas and hot water.Active 1st floor retail provides great value to downtown village. Close to shops,bank, restaurants, and more. Cash flows over $13,000 including debt service.(Buyer should verify numbers). Financial disclosure and rent roll available uponproof of prequalification and Non-Disclosure execution. Please do not disturbtenants. 48 hour notice required to show.
All buyers must have pre-qualification prior to showing. Group showings arepreferred. No correspondence will be allowed between buyer and seller nortenants. Main Street Maintenance Declaration will be required to be signed bybuyer to avoid repayment. NOTE: Owner had lead testing done as a result ofvillage grant. Lead was remediated on the INTERIOR only. Some lead on theexterior that will not be addressed by seller.
PROPERTY HIGHLIGHTS• 100% occupied
• 5 Residential units
• 1 Commercial unit
• Village Business District Setting
• Close to large employer
Executive Summary
VILLAGE MIXED USE/MULTI-FAMILY 1 | PROPERTY INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 5
LOCATION OVERVIEW
SItuated in downtown square of the Village of Avon - a NormanRockwell type setting with local businesses serving thecommunity. Close to large employer of Barilla Pasta. Minutes toUS 390. 9600 Cars daily. Great area demo's for strong market.
APARTMENT #1: One bedroom, Appliances under 10 years old,wood floors, newly tiled bathroom in 2017. Natural gas heat.RENT: $550 plus utilities.
APARTMENT #2: 2 bedrooms, commercial grade floor in kitchenand bathroom. New high wear carpeting in living room andbedrooms replaced in 2013. Entire apartment completely repaintedin 2013. RENT: $650 plus utilities.
APARTMENT #3 2-bedroom with central air and natural gas heat.2013 New carpeting in bedrooms and living rooms and flooring inbathroom. 2017 upgrades to heating ductwork.RENT: $675 plusutilities.
APARTMENT #4: Newly remodeled in 2008. Completely repaintedin 2015. Blown in insulation in 2016 for sound proofing and extrainsulation. RENT $575 plus utilities
APARTMENT #5: 3 bedrooms: Totally remodeled in 2013 whichincludes: New carpeting and flooring installed throughout alsoadded 3 closets; Created a 3rd bedroom as a master bedroomwith additional storage for tenant behind master bedroom; Also,created a landlord storage unit and workspace from unusedapartment space at the front portion of the apartment (withpotential to create tenant laundry area for additional income) Newentryway provides for a common area for other tenants to accesstheir electrical boxes in the utility room and a foyer for apt 5 tenantcoats and boots. New interlocking flooring in large bathroom withdouble sink. Repaired non working natural gas furnace andupgraded natural gas furnace to provide heating ductwork tounheated rooms to bedrooms at the back of the apartment;Installed new central air conditioning to the apartment. This unit is1400 sq ft and also provides washer dryer hookups. RENT: $1000plus utilities.
Commercial space: Originally a bakery with kitchen in the backarea and retail coffee shop in the front. 2013 New handicapbathroom, new Mitsubishi Electric Mr. Slim® Split Air-conditionerand Heat-pump Systems installed for the bakery to even off heatdistribution and cool bakery area. 2016 Removal of old cast ironfurnace and installation of new gas furnace to provide heat tocustomer area Rent: $650 plus utilities.
Property Description
VILLAGE MIXED USE/MULTI-FAMILY 1 | PROPERTY INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 6
SALE PRICE $375,000
LOCATION INFORMATION
Building Name Village Mixed Use/Multi-Family
Street Address 57 Genesee St
City, State, Zip Avon, NY 14414
County/Township Livingston/Avon
Market Rochester
Submarket Avon
Cross Streets W. Main
Side Of Street West
Road Type Paved
Market Type Rural
Nearest Highway 390
Nearest Airport Greater Rochester International Airport.
BUILDING INFORMATION
Building Size 7,272 SF
Price / SF $51.57
Year Built 1900
Last Renovated 2016
Occupancy % 100%
Tenancy Multiple
Number Of Floors 3
Load Factor Yes
Condition Good
Roof Flat
Number Of Buildings 1
PROPERTY DETAILS
Property Type Mixed Use; 5 Family/Commercial
Property Subtype High-Rise
Lot Size 0.15 Acres
APN# 242001-034-010-0001-018-001-0000
Submarket Avon
Lot Frontage 27
Lot Depth 111
Traffic Count 9,600
Traffic Count Street Genessee
Traffic Count Frontage 27
MLS ID# R1174696
PARKING & TRANSPORTATION
Street Parking Yes
Parking Type Surface
Parking Description Property has both on-street and shared
municipal lot.
UTILITIES & AMENITIES
Number Of
Elevators
0
Number Of
Escalators
0
Broadband Cable
Gas /
Propane
Natural Gas
Power Yes
Laundry
Description
None
Exterior
Description
Brick and Frame construction.
Interior
Description
APARTMENT #1: One bedroom, Appliances
under 10 years old, wood floors, newly tiled
bathroom in 2017. Natural gas heat. RENT:
$550 plus utilities.
APARTMENT #2: 2 bedrooms, commercial
grade floor in kitchen and bathroom. New high
wear carpeting in living room and bedrooms
replaced in 2013. Entire apartment completely
repainted in 2013. RENT: $650 plus utilities.
APARTMENT #3 2-bedroom with central air and
natural gas heat. 2013 New carpeting in
bedrooms and living rooms and flooring in
bathroom. 2017 upgrades to heating
ductwork.RENT: $675 plus utilities.
APARTMENT #4: Newly remodeled in 2008.
Completely repainted in 2015. Blown in
insulation in 2016 for sound proofing and extra
insulation. RENT $575 plus utilities
APARTMENT #5: 3 bedrooms: Totally
remodeled in 2013 which includes: New
carpeting and flooring installed throughout also
added 3 closets; Created a 3rd bedroom as a
master bedroom with additional storage for
tenant behind master bedroom; Also, created a
landlord storage unit and workspace from
unused apartment space at the front portion of
the apartment (with potential to create tenant
laundry area for additional income) New
entryway provides for a common area for other
tenants to access their electrical boxes in the
utility room and a foyer for apt 5 tenant coats
and boots. New interlocking flooring in large
bathroom with double sink. Repaired non
working natural gas furnace and upgraded
natural gas furnace to provide heating ductwork
to unheated rooms to bedrooms at the back of
the apartment; Installed new central air
conditioning to the apartment. This unit is 1400
sq ft and also provides washer dryer hookups.
RENT: $1000 plus utilities.
Utilities
Description
All units have their own utilities; gas, elec, heat.
Water is paid by landlord.
Loading
Description
None
Property Details
VILLAGE MIXED USE/MULTI-FAMILY 1 | PROPERTY INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 7
Additional Photos
VILLAGE MIXED USE/MULTI-FAMILY 1 | PROPERTY INFORMATION
LOCATION INFORMATION
2 | LOCATION INFORMATION
REGIONAL MAP
LOCATION MAPS
AERIAL MAP
GENESEE_MARKETING_DOCUMENT.PDF
2LOCATION INFORMATIONVILLAGE MIXED USE/MULTI-FAMILY
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 9
Village Mixed Use/Multi-Family
Regional Map
VILLAGE MIXED USE/MULTI-FAMILY 2 | LOCATION INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 10
Location Maps
VILLAGE MIXED USE/MULTI-FAMILY 2 | LOCATION INFORMATION
Each Office Independently Owned and Operated kwcommercial.com 11
Village Mixed Use/Multi-Family
Aerial Map
VILLAGE MIXED USE/MULTI-FAMILY 2 | LOCATION INFORMATION
Tod A. Myers, Lic. Real Estate Sales Person 1770 Long Pond Rd, Rochester, Ny 14606 (585) 414-0855 – Cell (585) 758-8400 – Office (585) 758-8431 – Fax
Commercial – Residential – Lakefront – Relocation – Investment
55-57 GENESEE ST.-MULTIPURPOSE BUILDING 5 APARTMENT UNITS AND 1 COMMERCIAL UNIT AT, AVON NY 14414
APARTMENT #1: One bedroom, Appliances under 10 years old, wood floors, newly tiled bathroom in 2017. Natural gas heat. RENT: $550 plus utilities. APARTMENT #2: 2 bedrooms, commercial grade floor in kitchen and bathroom. New high wear carpeting in living room and bedrooms replaced in 2013. Entire apartment completely repainted in 2013. RENT: $650 plus utilities.
2017 Bathroom floor tiled New GFI outlets at kitchen counter Kitchen backsplash tiled
2018 New programable thermostat
2013 New windows baseboard heaters in bedrooms refinished kitchen cupboards new carpets new bedroom & bathroom doors Installed kitchen lighting Updated electric
2015 New furnace and ductwork Rerouted livingroom electric from Apt 1 to Apt 2
2016 Updated kitchen plumbing Vented bathroom to the roof
2017 New hot water tank
2018 New shower valve
Page 2 of 5;
Commercial – Residential – Lakefront – Relocation – Investment
APARTMENT #3 2-bedroom with central air and natural gas heat. 2013 New carpeting in bedrooms and living rooms and flooring in bathroom. 2017 upgrades to heating ductwork.RENT: $675 plus utilities. APARTMENT #4: Newly remodeled in 2008. Completely repainted in 2015. Blown in insulation in 2016 for sound proofing and extra insulation. RENT $575 plus utilities.
2013 New bathroom flooring New carpeting in kitchen and bedrooms Replaced refridgerator
2015 Boxed in exposed electrical wires per code
2016 New central air unit Updated HVAC ductwork
2017 Upgraded gas lines to code
2018 Installed ceiling hatch to access pipes above furnace
2016
Fixed drywall surrounding furnace exhaust per code Newly painted Blown in insulation above ceiling
2017 Updated electrical New toilet
Page 3 of 5;
Commercial – Residential – Lakefront – Relocation – Investment
APARTMENT #5: 3 bedrooms: Totally remodeled in 2013 which includes: New carpeting and flooring installed throughout also added 3 closets; Created a 3rd bedroom as a master bedroom with additional storage for tenant behind master bedroom; Also, created a landlord storage unit and workspace from unused apartment space at the front portion of the apartment (with potential to create tenant laundry area for additional income) New entryway provides for a common area for other tenants to access their electrical boxes in the utility room and a foyer for apt 5 tenant coats and boots. New interlocking flooring in large bathroom with double sink. Repaired non working natural gas furnace and upgraded natural gas furnace to provide heating ductwork to unheated rooms to bedrooms at the back of the apartment; Installed new central air conditioning to the apartment. This unit is 1400 sqft and also provides washer dryer hook ups. RENT: $1000 plus utilities.
2013
New gas stove
Updated HVAC ductwork Completely painted New doorbell Installed New master bedroom Installed bedroom doors and closets
Updated HVAC ductwork
Installed new carpeting throughout
Updated electrical wiring New window blinds Installed led lighting in kitchen & living room
2014 New power flush toilet Installed roxul insulation above bedrooms for sound proofing Installed efficient led lighting in foyer
2015 Installed water shutoff valves bathroom New GFI outlets by kitchen counters
2016 Extended dryer vent to outside the building
2018 New water heater Installed scratch resistant flooring Reconfigured toilet and shower drain pipes.
Page 4 of 5;
Commercial – Residential – Lakefront – Relocation – Investment
Commercial space: Originally a bakery with kitchen in the back area and retail coffee shop in the front. 2013 New handicap bathroom, new Mitsubishi Electric Mr. Slim® Split Air-conditioner and Heat-pump Systems installed for the bakery to even off heat distribution and cool bakery area. 2016 Removal of old cast iron furnace and installation of new gas furnace to provide heat to customer area Rent: $650 plus utilities.
2013 New handicap bathroom Ductless heat and air conditioning units Updated electrical wiring New commercial door Addition of adjustable lighting
2015 Addition of ceiling fans
2016 Light restricting blinds Addition of new gas furnace New toilet /sink /vanity in rear bathroom
2018 Enclosed water supply & drain lines in retail space Newly painted and remodeled
Fire exit for apartment 5
Page 5 of 5;
Commercial – Residential – Lakefront – Relocation – Investment
EXTERIOR AND COMMON AREA WORK COMPLETED SINCE PURCHASE
MAJOR INVESTMENTS AND IMPROVEMENTS 2014 grant upgrades 41,000 Roof Hatch 20,000 Roofing /sealed, Flashing roof edge Fascia and chimneys 10,345 Safety upgrades 5303 HVAC upgrades 9512 Plumbing upgrades 6344 Electrical upgrades 2124 Window/doors upgrades 1566 Appliance upgrades 1486 Flooring upgrades 10,696
TOTAL $108,376
2013 NEW EXTERIOR DOOR TO UPPER APARTMENTS REPAIR OF EXTERIOR STAIRS IN REAR NEW EXTERIOR FRONT DOOR TO RETAIL SPACE INSTALLED SMOKE AND CARBON DETECTORS PER CODE THROUGHOUT NEW FIRE EXTINGUISHERS/ WITH ANNUAL INSPECTIONS PER CODE NEW GFI OUTLETS, LIGHTS AND WIRING IN LANDLORD STORAGE AND PLACED ALL ELECTRIC ON THE HOUSE METER
2014 ACCENTS ADDED TO FRONT FAÇADE (WOOD FRAMING AROUND WINDOWS AND CORNICE ADDED PAINTING OF BRICK ON SIDE OF BLDG REPAIR AND PAINTING OF COMMON AREAS REPLACED CARPET IN COMMON AREA LEAD AND RADON TESTING FLASHED CHIMNEYS ROOF SEALED
2015 FRESH AIR INTAKE FOR UTILITY ROOM DOOR AND WALL VENTS PER CODE
2016 UNUSED ASBESTOS PIPE REMOVAL OUTSIDE SOUTH SIDE OF BLDG PER CODE ADD PIPE RAILING TO BACK STAIRS PER CODE INSTALLED ROOF HATCH (PER CODE) INSTALLED CYPHER DOOR LOCKS TO RESTRICT PUBLIC ACCESS (INS CO. REQUIREMENT) SECURED GAS PIPELINE TO EXTERIOR FOR APT 1 FURNACE ADDED GFI OUTLET ON ROOF PER CODE
2017 INSTALLATION OF ROOF HATCH PER CODE UTILITY ROOM EXHAUST VENT UPGRADE TO CODE REPLACED ALL GAS SUPPLY LINES OF SOFT COPPER PIPE WITH BLACK PIPE TO MEET CODE NEW EXTERIOR FLOOD LIGHT AT REAR OF BLDG FLASH ROOF EDGE FACIA
2018 STAIRCASE POSTS AND JOIST SUPPORTS PER CODE ADDED PIPE INSULATION AND SEWER DRAIN CLEANOUT IN REAR STAIRWELL
