Corporate-Guaranteed NNN
For Sale
Contact for pricing
2133 Hudson Avenue, Rochester, NY 14617
Corporate-backed bank branch with an established operating history and renewal options providing specified rent increases.
Property Size2,624 SF
Price / SF$492.89
Days on Market111
Property Features for 2133 Hudson Avenue
General Information
Standard status
Active
Size
2,624 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$74,367
Building Details
Year Built
1990
Tenancy
Single
Listing Agency:
Marcus & Millichap - Los Angeles
(310) 909-5500
Listed By:
Jason Fefer · License #CA 02100489
Source:
Crexi
Added: May 13
Changed: Aug 30
Last Checked: Aug 30 at 11:01PM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
This 2,624-square-foot bank branch was built in 1990 and has operated continuously at the site for more than 40 years. The property is leased on an absolute NNN basis with a corporate guaranty from M&T Bank, a publicly traded financial institution. Approximately 4.5 years remain on the current term, followed by two renewal options that provide rent increases of 7.5% and 5%.
The property fronts Hudson Avenue, a heavily traveled corridor connecting suburban neighborhoods with downtown Rochester. The surrounding trade area includes national retailers, neighborhood services, and major shopping centers, while ongoing residential and commercial development adds to the area’s established commercial setting. The broader Rochester MSA has a 1.06 million-person economy supported by the University of Rochester, Rochester Regional Health, and Wegmans.
The property fronts Hudson Avenue, a heavily traveled corridor connecting suburban neighborhoods with downtown Rochester. The surrounding trade area includes national retailers, neighborhood services, and major shopping centers, while ongoing residential and commercial development adds to the area’s established commercial setting. The broader Rochester MSA has a 1.06 million-person economy supported by the University of Rochester, Rochester Regional Health, and Wegmans.
Key Highlights
- 2,624‑square‑foot bank branch built in 1990
- Absolute NNN lease with M&T Bank corporate guaranty
- More than 40 years of continuous operation at the site
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
$38,130
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
2.95%
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%
$762,600
$762.6K
Cap Rate 7%
$544,714
$544.7K
Cap Rate 9%
$423,667
$423.7K
Market Conditions
NOI Build-Up for 2,624 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
$56.7K $21.60/SF
− Vacancy
−$5.8K −$2.22/SF
EGI
$50.8K $19.38/SF
− OpEx
−$12.7K −$4.84/SF
NOI
$38.1K $14.53/SF
Area
Rochester, NY
Vacancy
10.30%
Lease Rate
$21.60 /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%
$762,600
Cap Rate 7%
$544,714
Cap Rate 9%
$423,667
Alternative Uses
Best Use
Specialty Retail
$544.7K
$476.6K – $635.5K
NOI $38,130 @ 7.0% cap · market cap 2.95%
Second Best
Retail
$508.4K
$444.9K – $593.1K
NOI $35,588 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$718.8K
$629.0K – $838.6K
NOI $50,318 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
141k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 51%
Shops & Services 33%
Dining 12%
Beauty & Spa 2%
Wegmans
Groceries
55,912 visits/mo
0.2 miles
Dollar Tree
Shops & Services
16,659 visits/mo
0.3 miles
Aldi
Groceries
16,274 visits/mo
0.2 miles
Dunkin' Donuts
Dining
11,145 visits/mo
0.2 miles
Dollar General
Shops & Services
8,020 visits/mo
0.2 miles
Demographics for 14617, NY
22,599
Population
9,747
Households
2.3
Avg Household Size
43
Median Age
50%
College-Educated
97%
High-School Grad
7.9 sq mi
ZIP Area
2,861
Density / Sq Mi
$89,530
Median Household Income
$52,704
Median Earnings
$1,197
Median Rent
$179,100
Median Home Value
Market
Vacancy Rate% for Retail in Rochester, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Corporate-backed bank branch with an established operating history and renewal options providing specified rent increases.
Where is this nnn property located?
The property is located at 2133 Hudson Avenue Rochester, NY.
What is the asking price?
The asking price for this property is $1,293,341.
What are key features of this property?
This property features: 2,624‑square‑foot bank branch built in 1990; Absolute NNN lease with M&T Bank corporate guaranty; More than 40 years of continuous operation at the site
