Multi-Tenant Medical Office
For Sale
Contact for pricing
241 Parrish St, Canandaigua, NY 14424
Freestanding medical office building with two suites, including a vacant unit and a month-to-month leased suite.
Property Size4,264 SF
Price / SF$152.44
Days on Market1094
Property Features for 241 Parrish St
General Information
Standard status
Active
Size
4,264 SF
Property subtype
OFFICE
Additional Details
Office Units
2
Building Details
Tenancy
Multi
Listing Agency:
Cushman & Wakefield | Pyramid Brokerage - Rochester
(585) 248-9426
Listed By:
Christopher Giunta · License #40GI0903198
(585) 503-8553
Source:
Moodyscre
Added: Sep 15, 2023
Changed: Aug 12
Last Checked: Sep 12 at 8:28AM
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 Cushman & Wakefield | Pyramid Brokerage - Rochester
Investment Insights
Based on property information with market context.
This freestanding, multi-tenant medical office building offers 4,264± SF divided into two suites. One suite is vacant at approximately 2,500± SF, and the second suite is leased on a month-to-month basis at approximately 1,581± SF.
The property is located at 241 Parrish Street and is positioned across from Thompson Hospital, providing convenient proximity for medical-related operations.
With two independently configured suites, the building supports flexible occupancy for an owner or investor seeking defined space options.
The property is located at 241 Parrish Street and is positioned across from Thompson Hospital, providing convenient proximity for medical-related operations.
With two independently configured suites, the building supports flexible occupancy for an owner or investor seeking defined space options.
Key Highlights
- Multi‑tenant medical office building with 4,264± SF total space at 241 Parrish Street
- Across from Thompson Hospital
- Two suites: vacant 2,500± SF unit and a leased 1,581± SF suite
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
$58,964
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
9.07%
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%
$1,179,280
$1.2M
Cap Rate 7%
$842,343
$842.3K
Cap Rate 9%
$655,156
$655.2K
Market Conditions
NOI Build-Up for 4,264 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
$112.6K $26.40/SF
− Vacancy
−$14.3K −$3.35/SF
EGI
$98.3K $23.05/SF
− OpEx
−$39.3K −$9.22/SF
NOI
$59.0K $13.83/SF
Area
Ontario County, NY
Vacancy
12.70%
Lease Rate
$26.40 /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%
$1,179,280
Cap Rate 7%
$842,343
Cap Rate 9%
$655,156
Alternative Uses
Best Use
Office B
$975.0K
$853.1K – $1.14M
NOI $68,248 @ 7.0% cap · market cap 10.50%
Second Best
Healthcare Medical
$842.3K
$737.1K – $982.7K
NOI $58,964 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,339 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
651
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14424, NY
28,353
Population
14,482
Households
2
Avg Household Size
48
Median Age
41%
College-Educated
94%
High-School Grad
129.5 sq mi
ZIP Area
219
Density / Sq Mi
$79,135
Median Household Income
$45,885
Median Earnings
$1,228
Median Rent
$250,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding medical office building with two suites, including a vacant unit and a month-to-month leased suite.
Where is this medical office space located?
The property is located at 241 Parrish St Canandaigua, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Multi‑tenant medical office building with 4,264± SF total space at 241 Parrish Street; Across from Thompson Hospital; Two suites: vacant 2,500± SF unit and a leased 1,581± SF suite
