55 Bennington Green Ln
Rochester, NY 14616

ROC Real Capital proudly presents, Bennington Green Lane Townhomes, a stabilized value add opportunity located in Rochester, NY's Maplewood Neighborhood, on the Rochester City / Town Of Greece border. The location is superbly located 10 minutes from Lake Ontario, 5 minutes from Wegmans and all tenant shopping needs! Current owners have owned the property for two years, in which they have leased up and stabilized the asset, leaving a prospective buyer with considerable upside in net operating income from completing the current owners renovation schedule (bringing rents up to market rent) and normalizing expenses over the short term. Rents are steadily being increased as units turn over with no sign of market resistance even above $1100 for renovated units. According to Census.gov the median house hold income within the one mile radius of the subject property is $43,000 per year, significantly above the the $32,000 median household income for the MSA. Rents among comparable properties have appreciated 8% since 2016. No new market rate apartment projects are slated for construction over the next 24 months. This trend is projected to continue over the next 5 to 7 years. This high barrier of entry market presents developers with posture to push rents and force appreciation over the near term. Normalizing insurance, landscaping, snow removal, refuse removal, and utility expenses also present great opportunities to push Net Operating Income without capital intensive projects. Another consideration for capturing value is sub-metering for water/sewer at the subject property which is commonplace in the MSA among town home communities.