Office Space Near Expressway
For Sale
Contact for pricing
Pending
448 White Spruce Blvd, Rochester, NY 14623
Office space in Southview Commons, excellent expressway access.
Property Size1,365 SF
Days on Market151
Property Features for 448 White Spruce Blvd
General Information
Standard status
Pending
Size
1,365 SF
Class
B
Property subtype
Office
Zoning
Professional Office
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1986
Year Renovated
1998
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Jim Pappas Commercial Real Estate
Listed By:
James (Jim) Pappas, CCIM · License #NY10311201540
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Jul 24 at 4:53PM
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 Jim Pappas Commercial Real Estate
Investment Insights
Based on property information with market context.
This office space is located in the Southview Commons Office Park Complex, situated across from MCC Site. The property benefits from excellent expressway access. The space is nicely finished and includes additional finished square footage in the lower level. The property size is 1365 square feet.
Key Highlights
- Excellent expressway access for convenient commuting.
- Located across from MCC Site.
- Nicely finished space, ready for immediate occupancy.
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
$19,631
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
9.13%
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%
$392,620
$392.6K
Cap Rate 7%
$280,443
$280.4K
Cap Rate 9%
$218,122
$218.1K
Market Conditions
NOI Build-Up for 1,365 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
$32.8K $24.00/SF
− Vacancy
−$6.6K −$4.82/SF
EGI
$26.2K $19.18/SF
− OpEx
−$6.5K −$4.79/SF
NOI
$19.6K $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%
$392,620
Cap Rate 7%
$280,443
Cap Rate 9%
$218,122
Alternative Uses
Best Use
Office B
$280.4K
$245.4K – $327.2K
NOI $19,631 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$373.9K
$327.2K – $436.3K
NOI $26,175 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 14623, NY
27,865
Population
9,612
Households
2.9
Avg Household Size
28
Median Age
41%
College-Educated
92%
High-School Grad
19.5 sq mi
ZIP Area
1,429
Density / Sq Mi
$61,088
Median Household Income
$26,411
Median Earnings
$1,221
Median Rent
$167,800
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?
Office units - Office space in Southview Commons, excellent expressway access.
Where is this office units located?
The property is located at 448 White Spruce Blvd Rochester, NY.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Excellent expressway access for convenient commuting.; Located across from MCC Site.; Nicely finished space, ready for immediate occupancy.
