2600 Dewey Ave · Rochester, NY 14616

$5,495,000

None bd · None ba · 45,000 sqft · MultiFamily · 23 Days on market

Built 1970 Good condition 1.09 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 56 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

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,

Key facts

• 11 brand new boilers
• Five brick buildings
• 10 new water tanks

Tags

• 56 UNIT MULTIFAMILY COMMUNITY
• FIVE BRICK BUILDINGS
• 11 BRAND NEW BOILERS
• 10 NEW WATER TANKS
• NEW WINDOWS
• NEW SLIDER DOORS

Property features AI

Finance

• Financial info: 56 total units with 56 separate electric meters; Gross income reported as $720,000; Operating expenses: see remarks; Owner pays: see remarks; rent includes: see remarks

Exterior

• Parking: One off-street space; no garage
• Utilities: Public water connected; Sewer connected
• Home design: 4-story building; Resale property
• Construction: Brick and frame construction; Asphalt roof; Existing structure
• Exterior features: Blacktop driveway; Irregular residential lot; City street, main thoroughfare and private road frontage

Interior

• Heating & cooling: Gas hot water heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 40×1bd/1ba + 16×2bd/1ba units multifamily listed at $5.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $21k ($254k/yr) — positive. Per door: $379/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($75k rent vs $5.50M).
• Recommended offer: $5.41M (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#222 in NY, #3,482 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime F, employment F.
• Rochester City School District (urban): math 21% / reading 26% proficiency, ranked #589 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 111 active listings in the ZIP; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $74,901/mo this rent would consume 1352% of the median local household income ($66k/yr) (locally 789% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $38k of loan paydown is wiped out by about $165k of value loss. Plan a longer hold.
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $1.54M cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($5.41M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $5,412,575 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.53%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $460,757
• Equity at exit: $819,322

10-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $2,144,221
• Equity at exit: $475,107

Cash invested: $1,538,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14616

• Home prices YoY: -18.0%
• Active inventory: 111
• Price-to-rent: 351.0×

Monthly cashflow live

• Estimated rent: $74,901 high
• Mortgage (P&I): −$28,816
• Tax est. 1.5%: −$6,869 /mo · $82,425/yr
• Insurance: −$2,290
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,729
• Net cashflow: $21,197

Break-even live

Break-even rent $48,069

Max offer price $5,495,000

Occupancy floor 67%

Sensitivity live

Price	-10% $24,995	-5% $23,096	+0% $21,197	+5% $19,298	+10% $17,400
Rent	-10% $15,280	-5% $18,238	+0% $21,197	+5% $24,156	+10% $27,114
Rate	-1.0pp $23,964	-0.5pp $22,595	base $21,197	+0.5pp $19,773	+1.0pp $18,325

56-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 40× units	1	1	$52,200
▸ 16× units	2	1	$22,720
Total (56 units)			$74,901

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,373,750
• Closing costs: $164,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $5,495,000 Active 23 DOM
2. 2026-06-17
   days on market $5,495,000 Active 22 DOM
3. 2026-06-16
   days on market $5,495,000 Active 21 DOM
4. 2026-06-15
   days on market $5,495,000 Active 20 DOM
5. 2026-06-13
   days on market $5,495,000 Active 18 DOM
6. 2026-06-13
   days on market $5,495,000 Active 17 DOM
7. 2026-06-10
   days on market $5,495,000 Active 15 DOM
8. 2026-06-09
   days on market $5,495,000 Active 14 DOM
9. 2026-06-09
   days on market $5,495,000 Active 13 DOM
10. 2026-06-07
    days on market $5,495,000 Active 12 DOM
11. 2026-06-05
    days on market $5,495,000 Active 9 DOM
12. 2026-06-03
    days on market $5,495,000 Active 8 DOM
13. 2026-06-03
    days on market $5,495,000 Active 7 DOM
14. 2026-06-01
    days on market $5,495,000 Active 6 DOM
15. 2026-05-31
    days on market $5,495,000 Active 5 DOM
16. 2026-05-26
    listed $5,495,000 Active
17. 2025-12-30
    historical
18. 2025-10-03
    listed $5,399,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $898,812
• − Mortgage interest: −$307,805
• − Property taxes: −$82,425
• − Insurance: −$27,475
• − Repairs & maintenance: −$71,905
• − Management: −$71,905
• − Depreciation: −$159,855
• Taxable income: $177,442
• Est. tax owed @ 24.0%: −$42,586
• After-tax cash flow: $211,779/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

This 56-unit multifamily property is in good condition with recent renovations and upgrades, making it a solid investment opportunity.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and tenant satisfaction.
• Both Painting exterior and interior walls — Fresh paint improves aesthetics and can increase value.
• Both Upgrading common areas — Modernizing common areas can attract more tenants and buyers.
• Both Adding energy-efficient windows — Newer windows can reduce energy costs and improve comfort for tenants and buyers.
• Both Upgrading HVAC systems — Modern HVAC systems can improve comfort and reduce maintenance costs.
• Both Upgrading common area lighting — Better lighting can enhance safety and aesthetics in common areas.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and tenant satisfaction. ↑
• Both Painting exterior and interior walls — Fresh paint improves aesthetics and can increase value. ↑
• Both Upgrading common areas — Modernizing common areas can attract more tenants and buyers. ↑
• Both Adding energy-efficient windows — Newer windows can reduce energy costs and improve comfort for tenants and buyers. ↑
• Both Upgrading HVAC systems — Modern HVAC systems can improve comfort and reduce maintenance costs. ↑
• Both Upgrading common area lighting — Better lighting can enhance safety and aesthetics in common areas. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rochester City School District
• NCES district ID: 3624750
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 26% ▲ 4.00%
• Median HH income: $30,923
• Composite: 18.98/100
• National rank: #8850
• State rank: #589 of 590 in NY

Livability — Rochester

• Score: 76/100
• State rank: #222
• US rank: #3482

Category grades

Amenities B- Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, NY
• County: Monroe County · 674,131 people
• City population: 432,803
• Metro: Rochester, NY
• Population (ZIP): 26,863
• Household income: $66,499
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 789.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 759,460 people
• By 2030: 757,154 · -0.3%
• By 2040: 740,644 · -2.5%
• By 2050: 714,443 · -5.9%
• By 2075: 645,883 · -15.0%
• By 2100: 547,084 · -28.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 13% Hispanic / Latino 12% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 9%
• Common ancestry: Romanian 6% Lithuanian 2% Iranian 2%
• Foreign-born: 8% · Canada, Philippines, Jamaica
• Languages at home: 88% English-only · Spanish 5% Arabic 2% Other Asian/Pacific 2%

Political lean MEDSL · Monroe

• 2024 margin: D (+19.1) · D 59.5% · R 40.5%
• 2008→2024 swing: +1.4pp toward D · 2008: 17.7pp · 2024: 19.1pp
• All cycles: 2024: D+19.1 2020: D+21.0 2016: D+14.1 2012: D+17.4 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.14%
• Current HPI: 246.1703
• Rent YoY: —
• Metro: Rochester, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+1.8% since first listed

3 events — show timeline

• 2026-05-26 Listed $5,495,000 UNYREIS
• 2025-12-30 Listing Removed — UNYREIS
• 2025-10-03 Listed $5,399,000 UNYREIS