NNN Property with Renewed
For Sale
$229,000
460 Lake Avenue, Rochester, NY 14608
Longstanding tenant occupancy and a renewed lease support continued use under a triple-net structure.
Property Size1,320 SF
Days on Market31
Property Features for 460 Lake Avenue
General Information
Standard status
Active
Size
1,320 SF
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$2,663
Building Details
Building Size
1,320 SF
Year Built
1969
Tenancy
Single
Listing Agency:
Howard Hanna
(585) 406-0312
Listed By:
Diane Springer · License #10401258952
(585) 406-0312
Source:
Highfallssir
Added: Jul 21
Changed: Aug 13
Last Checked: Aug 19 at 3:02PM
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 Howard Hanna
Investment Insights
Based on property information with market context.
The 1969-built property is occupied by a tenant that has remained in place for 37 years. A 7-year renewal lease has been signed, with the lease structured as NNN and the tenant responsible for all expenses. The furnace is new within the last five years, and the roof is well maintained.
Cross easements on the property serve neighboring businesses. The business operates from 9 am -11 pm. The property is located at 460 Lake Avenue in Rochester, NY 14608.
Cross easements on the property serve neighboring businesses. The business operates from 9 am -11 pm. The property is located at 460 Lake Avenue in Rochester, NY 14608.
Key Highlights
- Tenant has occupied the property for 37 years
- Signed 7‑year NNN lease renewal
- Tenant pays all property expenses
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
$19,181
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
8.38%
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%
$383,620
$383.6K
Cap Rate 7%
$274,014
$274.0K
Cap Rate 9%
$213,122
$213.1K
Market Conditions
NOI Build-Up for 1,320 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
$28.5K $21.60/SF
− Vacancy
−$2.9K −$2.22/SF
EGI
$25.6K $19.38/SF
− OpEx
−$6.4K −$4.84/SF
NOI
$19.2K $14.53/SF
Area
Rochester, NY
Vacancy
10.30%
Lease Rate
$21.60 /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%
$383,620
Cap Rate 7%
$274,014
Cap Rate 9%
$213,122
Alternative Uses
Best Use
Specialty Retail
$274.0K
$239.8K – $319.7K
NOI $19,181 @ 7.0% cap · market cap 8.38%
Second Best
Retail
$255.8K
$223.8K – $298.4K
NOI $17,903 @ 7.0% cap · market cap 7.82%
Theoretical Best
Office A
$361.6K
$316.4K – $421.9K
NOI $25,312 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
99k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 20%
Groceries 13%
McDonald's
Dining
24,134 visits/mo
0.5 miles
Wendy's
Dining
13,076 visits/mo
0.3 miles
Aldi
Groceries
12,600 visits/mo
0.2 miles
Taco Bell
Dining
12,366 visits/mo
0.2 miles
ESL Federal Credit Union
Shops & Services
10,283 visits/mo
0.3 miles
Demographics for 14608, NY
13,177
Population
6,935
Households
1.9
Avg Household Size
33
Median Age
24%
College-Educated
83%
High-School Grad
1.8 sq mi
ZIP Area
7,321
Density / Sq Mi
$39,537
Median Household Income
$36,065
Median Earnings
$898
Median Rent
$180,300
Median Home Value
Market
Vacancy Rate% for Retail in Rochester, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Longstanding tenant occupancy and a renewed lease support continued use under a triple-net structure.
Where is this nnn property located?
The property is located at 460 Lake Avenue Rochester, NY.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Tenant has occupied the property for 37 years; Signed 7‑year NNN lease renewal; Tenant pays all property expenses
