Mixed-Use Property with
New
For Sale
$499,000
281 Park Ave, Rochester, NY 14607
Established mixed-use property with three leased units and dedicated on-site parking.
Property Size3,479 SF
Days on Market5
Property Features for 281 Park Ave
General Information
Standard status
Active
Size
3,479 SF
Total Parking Spaces
6
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,139
Building Details
Building Size
3,479 SF
Year Built
1900
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Blain Realty
Listed By:
Robert P. Blain · License #31BL1064933
(585) 244-8980
Source:
Elliman
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 22 at 5:04PM
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 Blain Realty
Investment Insights
Based on property information with market context.
This mixed-use property at 281 Park Ave includes 3 leased units and a dedicated 6-space parking lot. Built in 1900, the property offers an established configuration for an owner-occupant or investor seeking a combination of commercial and residential use potential.
The property is situated on Park Avenue between Goodman Street and Cambridge Street in Rochester’s Oxford/Park Avenue area. Restaurants, shops, services, and other neighborhood amenities are accessible nearby. Walk Score is 91, Bike Score is 77, and Transit Score is 52, reflecting strong pedestrian access, bike-friendly conditions, and available public transportation.
The property is situated on Park Avenue between Goodman Street and Cambridge Street in Rochester’s Oxford/Park Avenue area. Restaurants, shops, services, and other neighborhood amenities are accessible nearby. Walk Score is 91, Bike Score is 77, and Transit Score is 52, reflecting strong pedestrian access, bike-friendly conditions, and available public transportation.
Key Highlights
- 3 leased units
- Dedicated 6‑space parking lot
- Built in 1900
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
$42,270
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
8.47%
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%
$845,400
$845.4K
Cap Rate 7%
$603,857
$603.9K
Cap Rate 9%
$469,667
$469.7K
Market Conditions
NOI Build-Up for 3,479 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
$75.1K $21.60/SF
− Vacancy
−$7.5K −$2.16/SF
EGI
$67.6K $19.44/SF
− OpEx
−$25.4K −$7.29/SF
NOI
$42.3K $12.15/SF
Area
Rochester, NY
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$845,400
Cap Rate 7%
$603,857
Cap Rate 9%
$469,667
Alternative Uses
Best Use
Mixed Use
$603.9K
$528.4K – $704.5K
NOI $42,270 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$953.0K
$833.9K – $1.11M
NOI $66,713 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,621
Businesses Nearby
Explore this area
Business Placement
Demographics for 14607, NY
16,298
Population
11,971
Households
1.4
Avg Household Size
32
Median Age
60%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
9,587
Density / Sq Mi
$56,270
Median Household Income
$44,018
Median Earnings
$1,129
Median Rent
$304,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Established mixed-use property with three leased units and dedicated on-site parking.
Where is this mixed-use property located?
The property is located at 281 Park Ave Rochester, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3 leased units; Dedicated 6‑space parking lot; Built in 1900
