Building Details

Buildings 1

Listing Agency: Ren Management Group LLC Show Phone

Listed By: Tin Tin Ren · License #10491210256 Show Phone

Source: Nicholcityrealty

Added: Jul 20 Changed: Oct 11 Last Checked: Oct 12 at 8:25PM

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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.

This mixed-use building contains 8,448 square feet and offers two suites: a 1,856-square-foot ground-floor retail area and a second-floor office suite under 700 square feet. The upper level is part of an addition completed in July 2024, while updated mechanical systems serve the building. A roof replacement was completed in 2023.

Situated at 2322 Lyell Avenue in Gates, the property fronts an active commercial corridor with more than 28,000 vehicles passing daily. Wegmans is directly across Lyell Avenue, and the surrounding commercial area includes national retailers and major regional employers. The available configuration supports both retail and office occupancy within the same building.

Key Highlights

• 1,856‑square‑foot ground‑floor retail suite
• Second‑floor office suite under 700 sq ft
• 8,448‑square‑foot mixed‑use building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$121,499

Cap Rate

9.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,429,980 $2.4M

Cap Rate 7%

$1,735,700 $1.7M

Cap Rate 9%

$1,349,989 $1.3M

Market Conditions

NOI Build-Up for 8,448 SF

Gross rent

$202.8K $24.00/SF

− Vacancy

−$40.8K −$4.82/SF

EGI

$162.0K $19.18/SF

− OpEx

−$40.5K −$4.79/SF

NOI

$121.5K $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 Rate 5%

$2,429,980

Cap Rate 7%

$1,735,700

Cap Rate 9%

$1,349,989

Alternative Uses

Best Use

Office B

$1.74M

$1.52M – $2.02M (±1% cap)

NOI $121,499 @ 7.0% cap · market cap 9.00%

Second Best

Retail

$1.64M

$1.43M – $1.91M (±1% cap)

NOI $114,577 @ 7.0% cap · market cap 8.49%

Theoretical Best

Office A

$2.31M

$2.02M – $2.70M (±1% cap)

NOI $161,999 @ 7.0% cap · market cap 12.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Chanda-Kabita's Beauty & Brows ... Hair Salon

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Parking Lot & Garage Garden Center Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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 Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two suites combine street-level retail with second-floor office space.

Where is this mixed-use property located?

The property is located at 2322 Lyell Avenue Gates, NY.

What is the asking price?

The asking price for this property is $1,349,999.

What are key features of this property?

This property features: 1,856‑square‑foot ground‑floor retail suite; Second‑floor office suite under 700 sq ft; 8,448‑square‑foot mixed‑use building