Mixed-Use Property Facing
For Sale
$450,000
2 Hospital Unit 2, Massena, NY 13662
Two residential units and a former medical layout provide flexible options across from Rochester Regional Health Massena Hospital.
Property Size1,638 SF
Price / SF$274.73
Days on Market88
Property Features for 2 Hospital Unit 2
General Information
Standard status
Active
Size
1,638 SF
Property subtype
Mixed Use
Building Details
Year Built
1950
Listing Agency:
(518) 359-9989
Listed By:
Coldwell Banker Whitbeck Assoc Tupper Lake
(518) 359-9989
Source:
Xome
Added: May 12
Changed: Jul 10
Last Checked: Jun 14 at 2:00AM
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 Coldwell Banker Whitbeck Assoc Tupper Lake
Investment Insights
Based on property information with market context.
This versatile mixed-use property includes a former medical facility layout with multiple adaptable interior spaces plus two residential apartments. The main level is being transformed from an emergent care use into a spacious two-bedroom apartment, while the existing configuration features a reception and waiting area with a fireplace, a large administrative office, an expansive reception workspace, four exam rooms, four private offices, and a staff break room. A full basement provides additional storage.
The property is positioned directly across from Rochester Regional Health Massena Hospital, offering convenient access for patients, residents, employees, and visitors. On-site parking is available to support day-to-day operations and use.
The second-floor one-bedroom apartment has been recently updated, including a new kitchen and refreshed living spaces. With a building history as a medical facility and a current shift toward residential occupancy, the arrangement can work for buyers seeking an owner-occupied setup, a residential income component, or continued professional/office use where feasible. The combination of hospital-adjacent convenience, apartment improvements, and remaining medical-ready rooms supports practical flexibility for a range of healthcare-related and professional users.
The property is positioned directly across from Rochester Regional Health Massena Hospital, offering convenient access for patients, residents, employees, and visitors. On-site parking is available to support day-to-day operations and use.
The second-floor one-bedroom apartment has been recently updated, including a new kitchen and refreshed living spaces. With a building history as a medical facility and a current shift toward residential occupancy, the arrangement can work for buyers seeking an owner-occupied setup, a residential income component, or continued professional/office use where feasible. The combination of hospital-adjacent convenience, apartment improvements, and remaining medical-ready rooms supports practical flexibility for a range of healthcare-related and professional users.
Key Highlights
- Property built in 1950, located directly across from Rochester Regional Health Massena Hospital
- Main level includes former medical/reception layout with reception and waiting area, fireplace, administrative office, and expansive reception workspace
- Main level offers four exam rooms, four private offices, and a staff break room, plus a full basement for storage
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
Mixed Use
$158.0K
$138.2K – $184.3K
NOI $11,057 @ 7.0% cap · market cap 2.46%
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units and a former medical layout provide flexible options across from Rochester Regional Health Massena Hospital.
Where is this mixed-use property located?
The property is located at 2 Hospital Unit 2 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: Property built in 1950, located directly across from Rochester Regional Health Massena Hospital; Main level includes former medical/reception layout with reception and waiting area, fireplace, administrative office, and expansive reception workspace; Main level offers four exam rooms, four private offices, and a staff break room, plus a full basement for storage
