Medical Office Condominium with Exam
New
For Sale
$269,900
61E Monroe Avenue, Pittsford, NY 14534
Mixed Use-Office zoning supports professional and service-oriented uses.
Property Size1,432 SF
Price / SF$188.48
Days on Market6
Property Features for 61E Monroe Avenue
General Information
Standard status
Active
Size
1,432 SF
Zoning
Mixed Use-Office
Additional Details
HOA Fee
$535
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
RE/MAX Realty Group
(585) 248-0250
Listed By:
Carmen G Lonardo · License #10301204632
(585) 218-6822
Source:
Nicholcityrealty
Added: Sep 15
Last Checked: Sep 19 at 8:59AM
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 1,432-square-foot medical office condominium is arranged for clinical and professional operations, with a waiting area, reception station, three private exam rooms, file space, a utility and lab room, and a private executive office or conference room. The layout also includes one public half bath, two additional half baths, and lower-level storage. Three separate entrances create flexibility for a single occupant or multiple uses. The current medical practice is scheduled to end in May 2027, allowing the next occupant to retain or modify the existing configuration.
The property is zoned Mixed Use-Office under Pittsford Village regulations, supporting a range of professional and service-oriented uses. Professionally maintained surface parking lots and connecting sidewalks serve the office condominiums. The setting provides walkable access to Pittsford Village, including restaurants, retail, personal services, banking, and canal-side paths, with larger business areas and expressways only minutes away.
The property is zoned Mixed Use-Office under Pittsford Village regulations, supporting a range of professional and service-oriented uses. Professionally maintained surface parking lots and connecting sidewalks serve the office condominiums. The setting provides walkable access to Pittsford Village, including restaurants, retail, personal services, banking, and canal-side paths, with larger business areas and expressways only minutes away.
Key Highlights
- 1,432‑square‑foot medical office condominium
- Mixed Use‑Office zoning allows professional and service‑oriented uses
- Existing layout includes 3 private exam rooms and multiple office areas
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
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Current Use
Lease Details
Single-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Mixed Use-Office zoning supports professional and service-oriented uses.
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: 1,432‑square‑foot medical office condominium; Mixed Use‑Office zoning allows professional and service‑oriented uses; Existing layout includes 3 private exam rooms and multiple office areas
