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370 E Ridge Rd Rochester, NY 14621

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For Sale
$7,060,000

Medical office building for sale in Rochester, New York.

Property size:
32,000 SF
Lot size:
3.81 Acres

Property Features for 370 E Ridge Rd

General Information

Size
32,000 SF
Lot size
3.81 Acres

Source: Matthews Real Estate Investments Services | New York Agent Rahul Chhajed

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Rochester Medical Office Opportunity

This property, constructed in 2005, features attractive finishes and institutional quality curb appeal. It is situated within a prominent retail corridor, less than two miles from the 528-bed flagship Rochester General Hospital and approximately 10 miles north of downtown Rochester. The property is subject to triple-net (NNN) leases under which the tenant is responsible for all operating expenses and select capital expenditures, significantly reducing landlord responsibilities. The lease is guaranteed by Rochester General Hospital, Inc. Rochester Regional Health holds a BBB+ credit rating from S&P. Within a 5-mile radius of the property the population is 313,859, thus providing a strong patient base for the tenant’s operations. It has been communicated to ownership that Rochester Regional Health may need to relocate their services to another location; however, this has not been confirmed yet. In the instance Rochester Regional does in fact relocate their services, it is likely they would require some form of renewal at the subject location thus providing a prospective investor some short-term rental income while identifying a replacement tenant. Prospective investors have the opportunity to acquire the property at an attractive base and realize additional value through the repurposing of the property. The property is offered at an 8.75% going-in cap rate and is priced at $7.06M, or approximately $220 per square foot.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Dr. Maria Rojas, ... Nephrologist David Terp, PA Physician Assistant Dieter Affeln, MD ... Doctor Rochester Otolaryngology - East ... Otolaryngologist Woluchem Miltonia MD Doctor

Suggested Use

Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Similar Places Nearby

Irondequoit Animal Hospital, Andrea Straka, VMD, Cacia Jeffrey DVM, Grzankowski Ericka DVM

Location Insight

  • Map
  • Local Demand
City
Rochester
County
Monroe
State
New York
Longitude
-77.6080962
Latitude
43.1959901

FAQs

What type of property is this?
Medical office - Medical office building for sale in Rochester, New York.
Where is this medical office located?
The property is located at 370 E Ridge Rd Rochester, NY.
What is the asking price?
The asking price for this property is $7,060,000.
What are key features of this property?
This property features: - Corporate Guarantee: Lease guaranteed by Rochester General Hospital, Inc.; - Attractive Cost Basis: Priced at $7.06M ($220/sq ft), with an 8.75% going-in cap rate.; - Favorable Lease Structure: Triple-net (NNN) lease.
More about this property
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