Mixed-Use Property with
For Sale
$450,000
2 Hospital Drive, Massena, NY 13662
Commercial Sale, Massena, NY
Property Size1,638 SF
Lot Size0.22 Acres
Price / SF$274.73
Days on Market93
Property Features for 2 Hospital Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed
Parking
7
Parking features
Parking Lot
Interior features
Apartment
Basement
Concrete, Interior Entry
Appliances
Refrigerator, Washer/Dryer
Elementary school district
Massena
Middle school district
Massena
High school district
Massena
Directions
Directly across from Massena Hospital
Subdivision
Massena
Standard status
Active
APN
9.057-8-1
Size
1,638 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
10065
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Heat Pump (Heating), Electric (Heating), Natural Gas
Cooling system
Heat Pump, Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Flooring type
Laminate, Carpet, Linoleum
Building materials
Frame, Vinyl Siding
Roof type
Metal
Listing Agency:
Coldwell Banker Whitbeck Assoc Tupper Lake
(518) 359-9440
Listed By:
Matthew Ellis
(518) 359-9989
Added: Jun 4
Changed: Aug 19
Last Checked: Sep 4 at 8:06PM
MLS# 207478
Copyright © 2026 Adirondack Champlain Valley MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,638-square-foot mixed-use property includes a recently updated second-floor one-bedroom apartment with a new kitchen and refreshed living areas. The main level is being converted from a former emergent care facility into a two-bedroom apartment. Its existing layout includes a reception and waiting area with fireplace, administrative office, reception workspace, four exam rooms, four private offices, and a staff break room. A full basement adds storage capacity.
The property sits directly across from Rochester Regional Health Massena Hospital at 2 Hospital Drive in Massena. The 0.22-acre parcel includes a parking lot, while public water and public sewer serve the building. Construction is frame with vinyl siding, and the property was built in 1950. Heating includes forced air and heat-pump systems using electric and natural gas, with central air and heat-pump cooling.
The existing configuration supports consideration of medical or professional office use alongside residential occupancy, subject to applicable requirements. Interior features include a refrigerator and washer/dryer, with laminate, carpet, and linoleum flooring throughout the property.
The property sits directly across from Rochester Regional Health Massena Hospital at 2 Hospital Drive in Massena. The 0.22-acre parcel includes a parking lot, while public water and public sewer serve the building. Construction is frame with vinyl siding, and the property was built in 1950. Heating includes forced air and heat-pump systems using electric and natural gas, with central air and heat-pump cooling.
The existing configuration supports consideration of medical or professional office use alongside residential occupancy, subject to applicable requirements. Interior features include a refrigerator and washer/dryer, with laminate, carpet, and linoleum flooring throughout the property.
Key Highlights
- 1,638‑square‑foot mixed‑use building on a 0.22‑acre parcel
- Directly across from Rochester Regional Health Massena Hospital
- Recently updated second‑floor one‑bedroom apartment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,166
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$443,320
$443.3K
Cap Rate 7%
$316,657
$316.7K
Cap Rate 9%
$246,289
$246.3K
Market Conditions
NOI Build-Up for 1,638 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.3K $25.20/SF
− Vacancy
−$4.3K −$2.65/SF
EGI
$36.9K $22.55/SF
− OpEx
−$14.8K −$9.02/SF
NOI
$22.2K $13.53/SF
Area
St. Lawrence County, NY
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$443,320
Cap Rate 7%
$316,657
Cap Rate 9%
$246,289
Alternative Uses
Best Use
Healthcare Medical
$316.7K
$277.1K – $369.4K
NOI $22,166 @ 7.0% cap · market cap 4.93%
Second Best
Office B
$306.4K
$268.1K – $357.5K
NOI $21,451 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$406.4K
$355.6K – $474.1K
NOI $28,446 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 13662, NY
15,814
Population
7,785
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
89%
High-School Grad
89.2 sq mi
ZIP Area
177
Density / Sq Mi
$56,987
Median Household Income
$38,535
Median Earnings
$712
Median Rent
$118,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Adaptable building with medical-office layout, residential space, basement storage, and on-site parking across from the hospital.
Where is this mixed-use property located?
The property is located at 2 Hospital Drive Massena, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,638‑square‑foot mixed‑use building on a 0.22‑acre parcel; Directly across from Rochester Regional Health Massena Hospital; Recently updated second‑floor one‑bedroom apartment
