Salon-Configured Retail
New
For Sale
$600,000
3151 Chili Avenue, Rochester, NY 14624
Interior rooms upstairs and a basement provide additional space for storage, office, or staff use.
Property Size1,998 SF
Days on Market5
Property Features for 3151 Chili Avenue
General Information
Standard status
Active
Size
1,998 SF
Total Parking Spaces
20
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,683
Building Details
Building Size
1,998 SF
Year Built
1815
Listing Agency:
Keller Williams Realty Greater Rochester
Listed By:
Chelse Moffatt · License #10401291182
(585) 478-3890
Source:
Highfallssir
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 26 at 3:06PM
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 Keller Williams Realty Greater Rochester
Investment Insights
Based on property information with market context.
This retail property at 3151 Chili Avenue is configured for salon operations, with capacity for up to six styling stations. The layout also includes a separate color area, retail display space, and a reception counter with cash wrap. Rooms on the upper level can serve business functions such as an office or break area, while the basement offers additional storage space and is accessed through Bilco doors. The building dates to 1815 and has a newer roof, with mechanical systems described as well maintained.
At the intersection of Chili Avenue and Paul Road, the property sits along a commercial corridor. The paved parking lot provides approximately 20 spaces for visitors and staff.
At the intersection of Chili Avenue and Paul Road, the property sits along a commercial corridor. The paved parking lot provides approximately 20 spaces for visitors and staff.
Key Highlights
- Salon layout accommodates up to 6 styling stations, plus a separate color area
- Retail display space and reception counter with cash wrap
- Approximately 20 parking spaces in a recently paved lot
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
$27,098
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
4.52%
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%
$541,960
$542.0K
Cap Rate 7%
$387,114
$387.1K
Cap Rate 9%
$301,089
$301.1K
Market Conditions
NOI Build-Up for 1,998 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
$43.2K $21.60/SF
− Vacancy
−$4.4K −$2.22/SF
EGI
$38.7K $19.38/SF
− OpEx
−$11.6K −$5.81/SF
NOI
$27.1K $13.56/SF
Area
Rochester, NY
Vacancy
10.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$541,960
Cap Rate 7%
$387,114
Cap Rate 9%
$301,089
Alternative Uses
Best Use
Retail
$387.1K
$338.7K – $451.6K
NOI $27,098 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$547.3K
$478.9K – $638.6K
NOI $38,314 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
357k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 35%
Groceries 24%
Superstores 23%
Dining 16%
Wegmans
Groceries
66,108 visits/mo
0.2 miles
Target
Superstores
57,669 visits/mo
0.1 miles
Big Lots
Superstores
24,365 visits/mo
0.2 miles
McDonald's
Dining
23,436 visits/mo
0.5 miles
Aldi
Groceries
20,315 visits/mo
0.2 miles
Demographics for 14624, NY
37,200
Population
15,865
Households
2.3
Avg Household Size
43
Median Age
33%
College-Educated
94%
High-School Grad
27.4 sq mi
ZIP Area
1,358
Density / Sq Mi
$86,046
Median Household Income
$45,723
Median Earnings
$1,249
Median Rent
$172,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Rochester, NY
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Frequently Asked Questions
What type of property is this?
Retail space - Interior rooms upstairs and a basement provide additional space for storage, office, or staff use.
Where is this retail space located?
The property is located at 3151 Chili Avenue Rochester, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Salon layout accommodates up to 6 styling stations, plus a separate color area; Retail display space and reception counter with cash wrap; Approximately 20 parking spaces in a recently paved lot
