Mixed-Use Building with Retail and
For Sale
Contact for pricing
2316-2322 Lyell Avenue, Rochester, NY 14606
Six-unit property offers ground-floor retail and newly built second-floor offices on a high-traffic commercial corridor.
Property Size7,752 SF
Price / SF$174.15
Days on Market63
Property Features for 2316-2322 Lyell Avenue
General Information
Standard status
Active
Size
7,752 SF
Class
B
Property subtype
Mixed Use
Zoning
05
Occupancy
100%
Lease Type
NNN
Net Operating Income
$112,373
Site & Location
Traffic Count
28,000 vehicles/day
Road Access
Yes
Additional Details
Office Units
3
Building Details
Year Built
1965
Year Renovated
2022
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
REN Management Group LLC
Listed By:
Tin Tin Ren, CCIM · License #NY 10491210256
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 19 at 6:10AM
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 REN Management Group LLC
Investment Insights
Based on property information with market context.
2316-2322 Lyell Avenue is a six-unit mixed-use property configured with three ground-floor retail suites and three second-floor professional office units. The retail level consists of existing units. The entire second floor is new construction completed in July 2024, delivering three modern office suites built to current codes and standards. The building also received a new roof in 2023 and has all-new mechanical systems, including HVAC, electrical, and plumbing.
The property is positioned on one of Rochester’s most active commercial corridors, with visibility from Lyell Avenue and 28,000+ daily vehicles. This combination of street-facing retail space and professional office suites supports a practical mixed-use operating profile.
For investors or owner-operators, the asset provides both established retail income and a brand-new office component within a single acquisition. For professional users, the second-floor suites benefit from recently completed construction and newly installed building systems, helping reduce near-term capital planning. The property’s straightforward unit mix can also simplify leasing and property management across retail and office tenants.
The property is positioned on one of Rochester’s most active commercial corridors, with visibility from Lyell Avenue and 28,000+ daily vehicles. This combination of street-facing retail space and professional office suites supports a practical mixed-use operating profile.
For investors or owner-operators, the asset provides both established retail income and a brand-new office component within a single acquisition. For professional users, the second-floor suites benefit from recently completed construction and newly installed building systems, helping reduce near-term capital planning. The property’s straightforward unit mix can also simplify leasing and property management across retail and office tenants.
Key Highlights
- Six‑unit mixed‑use building with 3 ground‑floor retail suites and 3 second‑floor professional office units
- Second‑floor offices were newly constructed and completed July 2024 with 3 modern office suites built to current codes
- New roof installed in 2023, plus all‑new mechanical systems including HVAC, electrical, and plumbing throughout the building
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
$111,489
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
8.26%
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%
$2,229,780
$2.2M
Cap Rate 7%
$1,592,700
$1.6M
Cap Rate 9%
$1,238,767
$1.2M
Market Conditions
NOI Build-Up for 7,752 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
$186.0K $24.00/SF
− Vacancy
−$37.4K −$4.82/SF
EGI
$148.7K $19.18/SF
− OpEx
−$37.2K −$4.79/SF
NOI
$111.5K $14.38/SF
Area
Rochester, NY
Vacancy
20.10%
Lease Rate
$24.00 /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%
$2,229,780
Cap Rate 7%
$1,592,700
Cap Rate 9%
$1,238,767
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.86M
NOI $111,489 @ 7.0% cap · market cap 8.26%
Second Best
Retail
$1.50M
$1.31M – $1.75M
NOI $105,138 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,652 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
28,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Explore this area
Business Placement
Demographics for 14606, NY
28,252
Population
11,712
Households
2.4
Avg Household Size
39
Median Age
23%
College-Educated
83%
High-School Grad
9.4 sq mi
ZIP Area
3,006
Density / Sq Mi
$57,287
Median Household Income
$38,682
Median Earnings
$978
Median Rent
$150,500
Median Home Value
Market
Vacancy Rate% for Office in Rochester, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Six-unit property offers ground-floor retail and newly built second-floor offices on a high-traffic commercial corridor.
Where is this mixed-use property located?
The property is located at 2316-2322 Lyell Avenue Rochester, NY.
What is the asking price?
The asking price for this property is $1,349,998.
What are key features of this property?
This property features: Six‑unit mixed‑use building with 3 ground‑floor retail suites and 3 second‑floor professional office units; Second‑floor offices were newly constructed and completed July 2024 with 3 modern office suites built to current codes; New roof installed in 2023, plus all‑new mechanical systems including HVAC, electrical, and plumbing throughout the building
