Medical Office
For Sale
$1,400,000
399 Grant Avenue Rd, Auburn, NY 13021
Purpose-built professional space includes exam rooms, private offices, reception, lab, storage, and dedicated on-site parking.
Property Size4,536 SF
Price / SF$308.64
Days on Market49
Property Features for 399 Grant Avenue Rd
General Information
Standard status
Active
Size
4,536 SF
Total Parking Spaces
22
Building Details
Year Built
2008
Listing Agency:
Coldwell Banker Finger Lakes
(315) 789-6768
Listed By:
John P. Parrott III, Matthew S. Parrott · License #10301221870
Source:
Skinnercnyrealty
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 25 at 5:28AM
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 Coldwell Banker Finger Lakes
Investment Insights
Based on property information with market context.
This 4,700-square-foot medical office property, built in 2008, offers a detailed interior configuration for healthcare or professional office use. The floor plan includes seven exam rooms, six professional offices, a reception and waiting area, clerical office, lab, and multiple storage areas. A private parking lot provides 22 spaces for patients, clients, and staff.
The property is located at 399 Grant Avenue Road in Auburn, New York, within CL, Commercial zoning. Its existing room arrangement and support spaces provide a functional base for an established practice or office operation.
The property is located at 399 Grant Avenue Road in Auburn, New York, within CL, Commercial zoning. Its existing room arrangement and support spaces provide a functional base for an established practice or office operation.
Key Highlights
- 4,700‑square‑foot medical office building constructed in 2008
- Seven exam rooms and six professional offices
- Reception and waiting area plus clerical office
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
$67,972
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
4.86%
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%
$1,359,440
$1.4M
Cap Rate 7%
$971,029
$971.0K
Cap Rate 9%
$755,244
$755.2K
Market Conditions
NOI Build-Up for 4,536 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
$122.5K $27.00/SF
− Vacancy
−$9.2K −$2.03/SF
EGI
$113.3K $24.98/SF
− OpEx
−$45.3K −$9.99/SF
NOI
$68.0K $14.99/SF
Area
Cayuga County, NY
Vacancy
7.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,359,440
Cap Rate 7%
$971,029
Cap Rate 9%
$755,244
Alternative Uses
Best Use
Healthcare Medical
$971.0K
$849.7K – $1.13M
NOI $67,972 @ 7.0% cap · market cap 4.86%
Second Best
Office B
$806.3K
$705.5K – $940.7K
NOI $56,439 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$1.01M
$879.6K – $1.17M
NOI $70,370 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13021, NY
38,479
Population
18,847
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
91%
High-School Grad
119.2 sq mi
ZIP Area
323
Density / Sq Mi
$58,946
Median Household Income
$41,990
Median Earnings
$874
Median Rent
$169,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built professional space includes exam rooms, private offices, reception, lab, storage, and dedicated on-site parking.
Where is this medical office space located?
The property is located at 399 Grant Avenue Rd Auburn, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 4,700‑square‑foot medical office building constructed in 2008; Seven exam rooms and six professional offices; Reception and waiting area plus clerical office
