Mixed-Use Retail and Office
For Sale
$549,900
Pending
581 Whitney Rd W, Fairport, NY 14450
Multi-tenant building with leased retail spaces, apartments, and an unfinished area on a parking-accessible site.
Property Size6,212 SF
Lot Size0.90 Acres
Days on Market35
Property Features for 581 Whitney Rd W
General Information
Standard status
Pending
Size
6,212 SF
Total Parking Spaces
17
Lot size
0.90 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,208
Building Details
Building Size
6,212 SF
Year Built
1957
Stories
3
Tenancy
Multi
Listing Agency:
(585) 421-5121
Listed By:
Stephen E. Wrobbel
(585) 421-5121
Source:
Elliman
Added: Jul 9
Changed: Aug 8
Last Checked: Aug 12 at 9:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stephen E. Wrobbel
Investment Insights
Based on property information with market context.
This mixed-use commercial building includes a total building area of 6,200 SF, featuring two currently leased retail spaces and two apartments that may be used for storage or office space. An approximately 1,500 SF unfinished space provides additional room for future development or expansion.
The property sits on approximately 0.90 acres in the Perinton mixed-use district, with the ability to subdivide and allow for an additional structure. There are approximately 17 surface parking spaces available, and the site offers 250’ of frontage along Whitney Road West. Access to Fairport, East Rochester, Penfield, and Route 490 is convenient.
Recent owner updates include new roof, gutters, and downspouts (2020), a new driveway and parking lot with lighting (2021), a new boiler (2017), and the addition of mini-split A/C units.
The property sits on approximately 0.90 acres in the Perinton mixed-use district, with the ability to subdivide and allow for an additional structure. There are approximately 17 surface parking spaces available, and the site offers 250’ of frontage along Whitney Road West. Access to Fairport, East Rochester, Penfield, and Route 490 is convenient.
Recent owner updates include new roof, gutters, and downspouts (2020), a new driveway and parking lot with lighting (2021), a new boiler (2017), and the addition of mini-split A/C units.
Key Highlights
- 6200 SF multi‑tenant building (Year built 1957) with 2 currently leased retail spaces, plus 2 apartments and an approximately 1500 SF unfinished space
- Perinton mixed‑use district allows flexibility for commercial retail/office and residential use
- 0.90‑acre site with about 250’ of frontage on Whitney Road West and an option to subdivide for an additional structure
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
$46,673
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
8.49%
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%
$933,460
$933.5K
Cap Rate 7%
$666,757
$666.8K
Cap Rate 9%
$518,589
$518.6K
Market Conditions
NOI Build-Up for 6,200 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
$87.0K $14.04/SF
− Vacancy
−$24.8K −$4.00/SF
EGI
$62.2K $10.04/SF
− OpEx
−$15.6K −$2.51/SF
NOI
$46.7K $7.53/SF
Area
Monroe County, NY
Vacancy
28.51%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
25.00%
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%
$933,460
Cap Rate 7%
$666,757
Cap Rate 9%
$518,589
Alternative Uses
Best Use
Retail
$860.2K
$752.7K – $1.00M
NOI $60,217 @ 7.0% cap · market cap 10.95%
Second Best
Mixed Use
$847.0K
$741.1K – $988.1K
NOI $59,288 @ 7.0% cap · market cap 10.78%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,315 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Explore this area
Business Placement
Demographics for 14450, NY
42,633
Population
19,054
Households
2.2
Avg Household Size
47
Median Age
60%
College-Educated
97%
High-School Grad
32.0 sq mi
ZIP Area
1,332
Density / Sq Mi
$109,543
Median Household Income
$62,613
Median Earnings
$1,258
Median Rent
$281,000
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 - Multi-tenant building with leased retail spaces, apartments, and an unfinished area on a parking-accessible site.
Where is this mixed-use property located?
The property is located at 581 Whitney Rd W Fairport, NY.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 6200 SF multi‑tenant building (Year built 1957) with 2 currently leased retail spaces, plus 2 apartments and an approximately 1500 SF unfinished space; Perinton mixed‑use district allows flexibility for commercial retail/office and residential use; 0.90‑acre site with about 250’ of frontage on Whitney Road West and an option to subdivide for an additional structure
