Medical Office Building with
New
For Sale
$999,999
183 GENESEE ST, Auburn, NY 13021
Upper and lower suites currently operate as dental practices near other medical service providers.
Property Size5,578 SF
Price / SF$179.28
Days on Market4
Property Features for 183 GENESEE ST
General Information
Standard status
Active
Size
5,578 SF
Total Parking Spaces
32
Property subtype
Office
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$21,780
Amenities
Gas
Brick
Asphalt
32 Parking Spaces.
Rectangular
66X297
Rectangular.
Building Details
Year Built
1960
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Riordan Realty
Listed By:
Robert Bachta · License #10401319145
(315) 252-4687
Source:
Xome
Added: Aug 30
Changed: Sep 2
Last Checked: Sep 2 at 1:04PM
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 Riordan Realty
Investment Insights
Based on property information with market context.
Located at 183 Genesee St in Auburn, NY, this 5,578-square-foot medical office property contains upper and lower units currently operating as dental practices. The building was constructed in 1960 and features a low-maintenance brick exterior, asphalt parking, gas service, and a 32-space parking lot.
Recent property improvements include a new upper roof, new second-floor A/C, a new driveway, and updated lighting. The site measures 66X297 and recorded over 8,000 cars per day based on 2023 traffic data. Nearby medical service providers support the property’s established healthcare-oriented setting. The offering is reported at an 8%+ cap rate.
Recent property improvements include a new upper roof, new second-floor A/C, a new driveway, and updated lighting. The site measures 66X297 and recorded over 8,000 cars per day based on 2023 traffic data. Nearby medical service providers support the property’s established healthcare-oriented setting. The offering is reported at an 8%+ cap rate.
Key Highlights
- 5,578 SF medical office property with upper and lower dental practice units
- 8%+ cap rate
- 32 Parking Spaces.
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
$83,586
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
8.36%
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%
$1,671,720
$1.7M
Cap Rate 7%
$1,194,086
$1.2M
Cap Rate 9%
$928,733
$928.7K
Market Conditions
NOI Build-Up for 5,578 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
$150.6K $27.00/SF
− Vacancy
−$11.3K −$2.03/SF
EGI
$139.3K $24.98/SF
− OpEx
−$55.7K −$9.99/SF
NOI
$83.6K $14.99/SF
Area
Cayuga County, NY
Vacancy
7.50%
Lease Rate
$27.00 /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%
$1,671,720
Cap Rate 7%
$1,194,086
Cap Rate 9%
$928,733
Alternative Uses
Best Use
Healthcare Medical
$1.19M
$1.04M – $1.39M
NOI $83,586 @ 7.0% cap · market cap 8.36%
Second Best
Office B
$991.5K
$867.6K – $1.16M
NOI $69,404 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,535 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13021, NY
38,479
Population
18,847
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
119.2 sq mi
ZIP Area
323
Density / Sq Mi
$58,946
Median Household Income
$41,990
Median Earnings
$874
Median Rent
$169,300
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?
Medical Office Space - Upper and lower suites currently operate as dental practices near other medical service providers.
Where is this medical office space located?
The property is located at 183 GENESEE ST Auburn, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 5,578 SF medical office property with upper and lower dental practice units; 8%+ cap rate; 32 Parking Spaces.
