NNN Retail Property with
For Sale
$229,000
296 LAKE AVE, Rochester, NY 14608
A renewed NNN lease accompanies an established tenant and on-site parking at this commercial property.
Property Size1,320 SF
Price / SF$173.48
Days on Market44
Property Features for 296 LAKE AVE
General Information
Standard status
Active
Size
1,320 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,663
Amenities
Gas
3
Flat
6 Parking Spaces.
Rectangular
37X100
Rectangular.
Building Details
Year Built
1969
Stories
1
Listing Agency:
(585) 406-0312
Listed By:
Howard Hanna
(585) 406-0312
Source:
Xome
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 29 at 7:17PM
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 Howard Hanna
Investment Insights
Based on property information with market context.
This 1969-built retail property is occupied by a tenant with 37 years of operating history at the site. The lease has been renewed for a 7-year term under an NNN structure. The building includes a maintained roof and a furnace installed within the last five years. The business operates from 9 am to 11 pm.
The property is located at 296 Lake Ave in Rochester, NY, on a rectangular 37X100 parcel with 6 parking spaces. Cross easements serve neighboring businesses. The existing occupancy, lease structure, and physical updates provide the key operating details for evaluating this commercial asset.
The property is located at 296 Lake Ave in Rochester, NY, on a rectangular 37X100 parcel with 6 parking spaces. Cross easements serve neighboring businesses. The existing occupancy, lease structure, and physical updates provide the key operating details for evaluating this commercial asset.
Key Highlights
- 7‑year NNN lease renewal in place
- Tenant has operated at the property for 37 years
- 1,320 property size
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
$19,181
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
8.38%
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%
$383,620
$383.6K
Cap Rate 7%
$274,014
$274.0K
Cap Rate 9%
$213,122
$213.1K
Market Conditions
NOI Build-Up for 1,320 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
$28.5K $21.60/SF
− Vacancy
−$2.9K −$2.22/SF
EGI
$25.6K $19.38/SF
− OpEx
−$6.4K −$4.84/SF
NOI
$19.2K $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%
$383,620
Cap Rate 7%
$274,014
Cap Rate 9%
$213,122
Alternative Uses
Best Use
Specialty Retail
$274.0K
$239.8K – $319.7K
NOI $19,181 @ 7.0% cap · market cap 8.38%
Second Best
Retail
$255.8K
$223.8K – $298.4K
NOI $17,903 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$361.6K
$316.4K – $421.9K
NOI $25,312 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
869
Businesses Nearby
68k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 32%
Groceries 19%
Aldi
Groceries
12,600 visits/mo
0.1 miles
Taco Bell
Dining
12,366 visits/mo
0.1 miles
ESL Federal Credit Union
Shops & Services
10,283 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
9,091 visits/mo
0.4 miles
Speedway
Shops & Services
6,567 visits/mo
0.2 miles
Demographics for 14608, NY
13,177
Population
6,935
Households
1.9
Avg Household Size
33
Median Age
24%
College-Educated
83%
High-School Grad
1.8 sq mi
ZIP Area
7,321
Density / Sq Mi
$39,537
Median Household Income
$36,065
Median Earnings
$898
Median Rent
$180,300
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 - A renewed NNN lease accompanies an established tenant and on-site parking at this commercial property.
Where is this nnn property located?
The property is located at 296 LAKE AVE Rochester, NY.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 7‑year NNN lease renewal in place; Tenant has operated at the property for 37 years; 1,320 property size
