Mixed-Use Office Condominium
For Sale
$269,900
61E Monroe Avenue, Pittsford, NY 14534
Medical-practice office condo offers a turnkey waiting and exam-room layout with multiple entrances and managed surface parking.
Property Size1,432 SF
Days on Market33
Property Features for 61E Monroe Avenue
General Information
Standard status
Active
Size
1,432 SF
Total Parking Spaces
23
Property subtype
Commercial
Zoning
MU-OF, Business
Additional Details
Furnished
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,142
Building Details
Building Size
1,432 SF
Year Built
1986
Buildings
1
Stories
1
Units
2
Listing Agency:
RE/MAX Realty Group
(585) 218-6822
Listed By:
Carmen G Lonardo · License #10301204632
(585) 218-6822
Source:
Northstarwny
Added: Jul 23
Changed: Aug 23
Last Checked: Aug 23 at 10:37AM
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 RE/MAX Realty Group
Investment Insights
Based on property information with market context.
This office condominium suite is currently set up for a medical practice and includes a turnkey interior layout with a waiting area, reception, office and desk spaces, three private exam rooms, one public half bath and two additional half baths, file space, a utility/lab room, a private executive office/conference room, and ample lower-level storage. The suite is zoned Mixed Use-Office under Pittsford Village zoning rules, supporting a range of professional and service-oriented uses. The current use is scheduled to terminate in May 2027, and the layout can support a single use or multiple uses, with three separate entrances.
The property is part of Pittsford Village Green and is managed with exterior maintenance services including snow removal, lawn care/landscaping, and refuse/recycling collection, along with water/sewer and more, for a monthly fee of $535. The condominium community provides ample parking on professionally maintained surface lots and is connected by sidewalks for access to the surrounding area.
The suite’s configuration includes distinct areas suitable for patient or client reception, multiple treatment or office rooms, and back-office support plus storage, offering flexibility for allowable uses based on the provided zoning regulations.
The property is part of Pittsford Village Green and is managed with exterior maintenance services including snow removal, lawn care/landscaping, and refuse/recycling collection, along with water/sewer and more, for a monthly fee of $535. The condominium community provides ample parking on professionally maintained surface lots and is connected by sidewalks for access to the surrounding area.
The suite’s configuration includes distinct areas suitable for patient or client reception, multiple treatment or office rooms, and back-office support plus storage, offering flexibility for allowable uses based on the provided zoning regulations.
Key Highlights
- Built in 1986: Pittsford Village Green office condominium
- Medical‑practice office layout includes waiting room, reception area, 3 private exam rooms, and 1 public + 2 additional half baths
- Additional rooms include office/desk spaces, file space, utility/lab room, private executive office/conference room, and ample lower‑level 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
$16,510
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
6.12%
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%
$330,200
$330.2K
Cap Rate 7%
$235,857
$235.9K
Cap Rate 9%
$183,444
$183.4K
Market Conditions
NOI Build-Up for 1,432 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
$31.4K $21.96/SF
− Vacancy
−$3.9K −$2.75/SF
EGI
$27.5K $19.22/SF
− OpEx
−$11.0K −$7.69/SF
NOI
$16.5K $11.53/SF
Area
Monroe County, NY
Vacancy
12.50%
Lease Rate
$21.96 /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%
$330,200
Cap Rate 7%
$235,857
Cap Rate 9%
$183,444
Alternative Uses
Best Use
Healthcare Medical
$235.9K
$206.4K – $275.2K
NOI $16,510 @ 7.0% cap · market cap 6.12%
Second Best
Office B
$154.0K
$134.8K – $179.7K
NOI $10,780 @ 7.0% cap · market cap 3.99%
Theoretical Best
Specialty Retail
$274.9K
$240.5K – $320.7K
NOI $19,243 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14534, NY
32,834
Population
12,913
Households
2.5
Avg Household Size
46
Median Age
72%
College-Educated
98%
High-School Grad
32.3 sq mi
ZIP Area
1,017
Density / Sq Mi
$144,832
Median Household Income
$75,938
Median Earnings
$1,676
Median Rent
$343,800
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 - Medical-practice office condo offers a turnkey waiting and exam-room layout with multiple entrances and managed surface parking.
Where is this medical office space located?
The property is located at 61E Monroe Avenue Pittsford, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Built in 1986: Pittsford Village Green office condominium; Medical‑practice office layout includes waiting room, reception area, 3 private exam rooms, and 1 public + 2 additional half baths; Additional rooms include office/desk spaces, file space, utility/lab room, private executive office/conference room, and ample lower‑level storage
