Building Details

Building Size 3,927 SF

Year Built 1920

Stories 3

Units 3

Listing Agency: RE/MAX Realty Group t***@gmail.com Show Phone

Listed By: Todd M. Enright · License #40EN0798448 Show Phone

Source: Elliman

Added: May 20 Changed: Aug 15 Last Checked: Aug 19 at 8:35AM

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Investment Insights

Based on property information with market context.

Located on West Ridge Road, this property features highway commercial zoning. The site includes a three-family home that is currently rented, along with an old motel consisting of four additional rental units that require complete rehabilitation. Potential uses for the property include a car wash, car dealership, repair shop, or self-storage facility. The location has a Walk Score of 21, indicating car dependence, and a Bike Score of 28, suggesting it is somewhat bikeable.

Key Highlights

• Highway commercial zoning on busy Ridge Rd.
• Potential uses: car wash, car dealership, repair shop, self‑storage.
• Three family home currently rented.

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

$34,471

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

8.62%

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%

$689,420 $689.4K

Cap Rate 7%

$492,443 $492.4K

Cap Rate 9%

$383,011 $383.0K

Market Conditions

NOI Build-Up for 3,927 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

$51.8K $13.20/SF

− Vacancy

−$2.6K −$0.66/SF

EGI

$49.2K $12.54/SF

− OpEx

−$14.8K −$3.76/SF

NOI

$34.5K $8.78/SF

Area

Monroe County, NY

Vacancy

5.00%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

30.00%

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%

$689,420

Cap Rate 7%

$492,443

Cap Rate 9%

$383,011

Alternative Uses

Best Use

Specialty Retail

$753.9K

$659.6K – $879.5K (±1% cap)

NOI $52,771 @ 7.0% cap · market cap 13.20%

Second Best

Retail

$544.9K

$476.8K – $635.7K (±1% cap)

NOI $38,141 @ 7.0% cap · market cap 9.54%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Auto shops

Suggested Use

Top Pick Big Box & Wholesale Store Building Supply Kitchen & Bath Showroom Computer & Electronic Repair Home Appliance Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

100

Businesses Nearby

Explore this area Business Placement

Demographics for 14559, NY

17,964

Population

7,412

Households

2.4

Avg Household Size

45

Median Age

39%

College-Educated

94%

High-School Grad

43.7 sq mi

ZIP Area

411

Density / Sq Mi

$91,021

Median Household Income

$50,216

Median Earnings

$1,150

Median Rent

$218,900

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Highway commercial property with multiple rental units for sale.

Where is this multifamily property located?

The property is located at 5058 W Ridge Rd Spencerport, NY.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Highway commercial zoning on busy Ridge Rd.; Potential uses: car wash, car dealership, repair shop, self‑storage.; Three family home currently rented.