Historic Mixed-Use Building with
For Sale
$699,000
383 Park Avenue, Rochester, NY 14607
C-1-zoned property combines updated interiors with flexible two-level commercial space.
Property Size3,312 SF
Price / SF$211.05
Days on Market52
Property Features for 383 Park Avenue
General Information
Standard status
Active
Size
3,312 SF
Total Parking Spaces
9
Property subtype
CommercialLease
Zoning
C-1
Amenities
brand-new furnace
newer AC units
updated mechanics
custom tile and hardwood flooring
updated bathrooms
updated kitchen
custom glass-enclosed first-floor office
separate conference room space with wet bar
Building Details
Year Renovated
2006
Buildings
1
Stories
2
Building Size
3,312 SF
Listing Agency:
Keller Williams Realty Greater Rochester
(585) 978-0761
Listed By:
Melissa S Regna · License #10401283514
(585) 978-0761
Source:
Nicholcityrealty
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 8:27PM
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 historic mixed-use building provides approximately 3,312 square feet across a flexible two-level layout. The property includes a custom glass-enclosed office and separate conference room with wet bar on the first floor, while the second floor contains four spacious rooms suitable for offices, treatment areas, retail or service functions. Recent improvements include custom tile and hardwood flooring, remodeled bathrooms and kitchen, updated mechanics, a brand-new furnace, and newer AC units. The effective year built is 2006.
C-1 zoning supports the property’s documented commercial use potential, including retail, salon, professional office, restaurant/bar, medical, wellness, and showroom applications. The building is positioned between Rutgers and Oxford on Park Avenue and includes 9 on-site parking spaces, with neighborhood walkability and access to the Park Avenue area.
C-1 zoning supports the property’s documented commercial use potential, including retail, salon, professional office, restaurant/bar, medical, wellness, and showroom applications. The building is positioned between Rutgers and Oxford on Park Avenue and includes 9 on-site parking spaces, with neighborhood walkability and access to the Park Avenue area.
Key Highlights
- Approximately 3,312 square feet in a flexible historic mixed‑use building
- C‑1 zoning supports retail, salon, office, restaurant/bar, medical, wellness, and showroom uses
- 9 on‑site parking spaces
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
$47,633
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
6.81%
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%
$952,660
$952.7K
Cap Rate 7%
$680,471
$680.5K
Cap Rate 9%
$529,256
$529.3K
Market Conditions
NOI Build-Up for 3,312 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
$79.5K $24.00/SF
− Vacancy
−$16.0K −$4.82/SF
EGI
$63.5K $19.18/SF
− OpEx
−$15.9K −$4.79/SF
NOI
$47.6K $14.38/SF
Area
Rochester, NY
Vacancy
20.10%
Lease Rate
$24.00 /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%
$952,660
Cap Rate 7%
$680,471
Cap Rate 9%
$529,256
Alternative Uses
Best Use
Office B
$680.5K
$595.4K – $793.9K
NOI $47,633 @ 7.0% cap · market cap 6.81%
Second Best
Retail
$641.7K
$561.5K – $748.7K
NOI $44,919 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$907.3K
$793.9K – $1.06M
NOI $63,511 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,943
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
Market
Vacancy Rate% for Office in Rochester, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-1-zoned property combines updated interiors with flexible two-level commercial space.
Where is this mixed-use property located?
The property is located at 383 Park Avenue Rochester, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 3,312 square feet in a flexible historic mixed‑use building; C‑1 zoning supports retail, salon, office, restaurant/bar, medical, wellness, and showroom uses; 9 on‑site parking spaces
