Medical Office with Exam
For Sale
$1,400,000
399 Grant Avenue Road, Auburn, NY 13021
CommercialSale, Auburn, NY
Property Size4,536 SF
Lot Size0.71 Acres
Price / SF$308.64
Days on Market165
Property Features for 399 Grant Avenue Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CL
Zoning description
Commercial
Parking
22
Lot features
Rectangular, Rectangular Lot
Elementary school district
Weedsport
Middle school district
Weedsport
High school district
Weedsport
Subdivision
Sennett-055200
Standard status
Active
APN
055200-102-004-0001-033-000-0000
Size
4,536 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Annual Amount
20782
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2008
Floors in Building
1
Roof type
Asphalt
Listing Agency:
Coldwell Banker Finger Lakes · Coldwell Banker Real Estate
(315) 789-6768
Listed By:
John P. Parrott III · License #10301221870
(315) 789-6768
Added: Mar 12
Changed: Aug 19
Last Checked: Aug 23 at 6:06PM
MLS# R1666446
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,536-square-foot medical office property was built in 2008 and arranged for clinical and administrative functions. The interior includes seven exam rooms, six professional offices, a clerical office, laboratory space, a waiting and reception area, and storage. Central air conditioning and natural-gas forced-air heating serve the building, which also has an asphalt roof.
The property occupies 0.7067 acres and includes a private parking lot with 22 spaces. Public water and public sewer support the site, while CL zoning and the existing medical-office configuration provide a clear framework for evaluating the property. Its address is 399 Grant Avenue Road, Auburn, NY 13021.
The property occupies 0.7067 acres and includes a private parking lot with 22 spaces. Public water and public sewer support the site, while CL zoning and the existing medical-office configuration provide a clear framework for evaluating the property. Its address is 399 Grant Avenue Road, Auburn, NY 13021.
Key Highlights
- 4,536‑square‑foot medical office building constructed in 2008
- Seven exam rooms and six professional offices
- Waiting/reception area, clerical office, lab space, and storage
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical office layout with professional rooms, reception, laboratory space, storage, and dedicated parking.
Where is this medical office space located?
The property is located at 399 Grant Avenue Road 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: 4,536‑square‑foot medical office building constructed in 2008; Seven exam rooms and six professional offices; Waiting/reception area, clerical office, lab space, and storage
