At an asking price of $199,000, 33 Kenwood Avenue in Rochester, New York, presents an exciting opportunity for real estate investors and owner-occupants looking to acquire a multifamily property with historic charm and income-producing potential.
Located in Rochester’s 19th Ward, this distinctive property combines classic architectural details, four separate apartments, and practical amenities that can make it an attractive addition to a real estate portfolio.
With its grand entrance, original woodwork, stained glass windows, and spacious living areas, the property offers a character that can be difficult to find in modern multifamily buildings.
Beyond its appearance, the existing rental arrangements and the possibility of purchasing an adjacent four-unit property make this listing particularly interesting for buyers exploring opportunities in the rental housing market.
A Historic Property Filled With Character
One of the most appealing aspects of 33 Kenwood Avenue is its architectural character. From the moment visitors enter the building, the grand foyer and beautiful staircase create a memorable first impression.
The property retains several traditional features that contribute to its historic atmosphere and distinguish it from more contemporary rental buildings.
Stained glass windows add color and personality to the interior, while decorative fireplaces provide classic focal points in the living spaces. High beamed ceilings contribute to the feeling of openness, and original pocket doors reflect the craftsmanship associated with older residential architecture.
Hardwood flooring throughout portions of the property adds warmth and timeless appeal. Vintage ceramic tile bathrooms provide another distinctive detail, giving the apartments an appearance that reflects the building’s established character.
For investors who appreciate historic properties, these features may offer an opportunity to preserve the building’s original charm while maintaining comfortable rental accommodations. Buyers can evaluate which existing details are worth restoring or highlighting as part of their long-term property strategy.
Four Separate Apartments With Rental Income Potential
The property contains four separate apartments, making it suitable for buyers interested in multifamily ownership rather than a traditional single-family residence.
Owning several rental units within one building can provide multiple sources of rental income and allow an owner to manage several tenancies at a single location.
According to the listing information, the current monthly rents are $725, $700, and $675 for three units. The fourth apartment is vacant and previously rented for $900 per month.
If all four apartments were rented at those stated amounts, the property could generate a potential combined monthly rental income of $3,000.
That would equal approximately $36,000 in gross rental income annually, assuming the three current rents remain unchanged and the vacant apartment is leased at its previous rental rate for the entire year.
These figures represent potential gross income rather than guaranteed returns. Actual performance would depend on occupancy, operating expenses, property taxes, insurance, maintenance, repairs, utilities paid by the owner, and other costs associated with rental ownership.
The vacant apartment may be particularly interesting to prospective buyers because it creates an opportunity to secure a new tenant. However, buyers should confirm the apartment’s current condition, market rent, and any work required before it can be occupied.
Before making an offer, investors should also review the existing leases, payment histories, security deposits, and applicable local rental requirements.
Separate Utilities Offer Added Flexibility
Another notable feature is that the four apartments have separate utilities. This arrangement can be beneficial for property management, particularly when individual tenants are responsible for their own utility consumption under the applicable lease agreements.
Separate utilities may help simplify the allocation of certain expenses and provide greater flexibility when establishing rental arrangements. Nevertheless, prospective owners should verify which utilities are separately metered, which expenses are paid by tenants, and which costs remain the landlord’s responsibility.
Understanding these details is important when calculating the building’s operating expenses and estimating its potential net income.
The property’s four-unit configuration also gives an owner flexibility in how the building is used. An investor may choose to rent all available apartments, while an eligible owner-occupant could investigate whether living in one unit and renting the others fits their financial and housing goals.
Any intended use should be checked against applicable occupancy rules and local regulations.
Parking and Garage Space Add Practical Value
Parking is another useful feature of 33 Kenwood Avenue. The property includes a two-car garage, driveway parking, and additional off-street parking options, along with on-street parking.
For a multifamily property, convenient parking can be an important consideration for tenants. Access to dedicated spaces may make everyday living easier, particularly for residents who depend on personal vehicles for commuting, shopping, and other activities.
The garage can also provide covered vehicle storage, subject to its condition and suitability. Buyers should inspect the garage, driveway, and parking areas to determine whether any repairs or maintenance will be needed.
Together, these features add practical functionality to a building whose appeal is otherwise strongly connected to its historic architecture and rental potential.
An Opportunity to Purchase Eight Units Side by Side
Perhaps the most distinctive aspect of this listing is the possibility of acquiring an additional multifamily property located next door.
The neighboring property at 45 Kenwood Avenue is also described as a four-unit building and is available separately. According to the listing details, both properties may be purchased together for an asking price of $404,000.
For investors seeking to expand their portfolios, this could create an opportunity to acquire eight apartments across two adjacent four-unit properties.
Owning neighboring buildings may offer management advantages, including the ability to coordinate maintenance, property inspections, and certain contractor visits. However, the actual benefits would depend on the condition and management needs of both properties.
Purchasing both buildings would also require a larger initial investment and a careful review of the combined income, expenses, repair needs, and financing arrangements. Buyers should evaluate each property individually as well as the financial performance of the two-building package.
For those who prefer to begin with a smaller investment, 33 Kenwood Avenue is being offered individually at $199,000, allowing prospective buyers to consider the four-unit property on its own.
What Buyers Should Consider Before Purchasing
Although the combination of historic character and rental potential is appealing, buyers should conduct appropriate due diligence before committing to the purchase.
A professional inspection can help identify potential issues involving the roof, foundation, plumbing, electrical systems, heating equipment, windows, and other major building components. Older properties may have maintenance requirements that are not immediately visible during a showing.
Investors should also verify the legal status of all four apartments, confirm applicable safety and building-code requirements, and review the property’s tax and insurance costs.
The existing rental income should be compared with projected operating expenses to estimate net operating income. The vacant apartment deserves particular attention because the timing and cost of preparing it for a new tenant could affect the first year’s financial performance.
A qualified local real estate professional and financial adviser can help buyers assess the property’s suitability for their individual investment goals.
A Character-Filled Multifamily Opportunity at $199,000
33 Kenwood Avenue offers a combination of historic architectural details, four separate apartments, existing rental income, separate utilities, and convenient parking in Rochester’s 19th Ward.
At $199,000, the property may appeal to investors searching for a multifamily building with opportunities to evaluate and potentially improve its rental performance. The neighboring four-unit property also creates an additional possibility for buyers interested in building a larger rental portfolio.
With its stained glass windows, original pocket doors, hardwood floors, decorative fireplaces, and grand staircase, this is a property that combines practical multifamily use with distinctive historic character.
FROM ZILLOW