{"id":7459,"date":"2013-12-05T07:59:08","date_gmt":"2013-12-05T12:59:08","guid":{"rendered":"http:\/\/www.rochestersubway.com\/topics\/?p=7459"},"modified":"2015-03-03T09:04:00","modified_gmt":"2015-03-03T14:04:00","slug":"filling-in-446-genesee-st","status":"publish","type":"post","link":"https:\/\/www.rochestersubway.com\/topics\/2013\/12\/filling-in-446-genesee-st\/","title":{"rendered":"Filling In: 446 Genesee St."},"content":{"rendered":"

\"Matthew<\/a>
\nThe following is a guest post submitted by Matthew Denker<\/a>.
\nSubmit your story today<\/a>.<\/i><\/small><\/p>\n

Welcome back, readers. It\u2019s been a while. Today I’d like to look at a project that we could bring into the pipeline almost immediately. I say could, because there are almost assuredly zoning issues with what I\u2019m proposing. That said, we could still get rolling on it immediately, because the site happens to already be on the market for $10,000! Let\u2019s see what we\u2019re getting for our money, what we\u2019re building, and some numbers on the whole thing…<\/p>\n

\"Matthew<\/a>
\nFirst things first, here\u2019s 446 Genesee Street \"external<\/a> Tabula Rasa! In case you\u2019re curious, the site is 0.21 acres at 43\u2019 6\u201d x 125\u2019. This gives us relatively little frontage, but a great deal of space to go deep. And go deep we shall.<\/p>\n

One of the many commenters to this site, Mr. Jason Haremza, has been sending me ever better examples of front\/back two-sided multifamily homes. Recently, we struck gold with 194 Berkeley St. Here\u2019s a picture of that:<\/p>\n

\"Matthew<\/a>
\nThis building is on a lot that is 3 feet wider, but 18 feet shorter. It will do! On top of that, it\u2019s VERY large at 2,848 square feet. At $150\/sqft for construction, this translates to a sizable bill of $427,000 to build this on our site.<\/p>\n

I do not think we\u2019d be able to sell each of the two units for $215,000 to be able to break even. Instead, I think we need to break the building into at least 4 units. By raising the house slightly, we can put a full unit in the basement. Additionally, we could add an extra stairwell in the back of the house and make the attic into a unit as well. This reduces our cost per unit to approximately $107,000. We could also then switch ourselves over to having a rental.<\/p>\n

Based on some basic costs, the rent to make a reasonable profit on our new build works out to $600 for each of the smaller units, and $1200 for each of the larger houses. Based on prevailing rents in the area, this would not be hard to get. Here\u2019s an image showing how the building would look at our new site:<\/p>\n

\"Matthew<\/a>
\nOh, as for those assumptions, they are:<\/p>\n