370 E Ridge Rd, Rochester, NY

This property, constructed in 2005, features attractive finishes and institutional quality curb appeal. It is situated within a prominent retail corridor, less than two miles from the 528-bed flagship Rochester General Hospital and approximately 10 miles north of downtown Rochester. The property is subject to triple-net (NNN) leases under which the tenant is responsible for all operating expenses and select capital expenditures, significantly reducing landlord responsibilities. The lease is guaranteed by Rochester General Hospital, Inc. Rochester Regional Health holds a BBB+ credit rating from S&P. Within a 5-mile radius of the property the population is 313,859, thus providing a strong patient base for the tenant’s operations. It has been communicated to ownership that Rochester Regional Health may need to relocate their services to another location; however, this has not been confirmed yet. In the instance Rochester Regional does in fact relocate their services, it is likely they would require some form of renewal at the subject location thus providing a prospective investor some short-term rental income while identifying a replacement tenant. Prospective investors have the opportunity to acquire the property at an attractive base and realize additional value through the repurposing of the property. The property is offered at an 8.75% going-in cap rate and is priced at $7.06M, or approximately $220 per square foot.