Leased Office Units with
For Sale
$1,300,000
71 Monroe Avenue, Pittsford, NY 14534
Fully occupied office property with updated roof and HVAC systems.
Property Size8,002 SF
Price / SF$162.46
Days on Market36
Property Features for 71 Monroe Avenue
General Information
Standard status
Active
Size
8,002 SF
Property subtype
CommercialSale
Listing Agency:
RE/MAX Plus
(585) 355-0460
Listed By:
Michael R DiMino · License #10401258742
(585) 355-0460
Source:
Nicholcityrealty
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 29 at 9:18AM
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 Plus
Investment Insights
Based on property information with market context.
This office property at 71 Monroe Avenue is located within Pittsford Village Green and is currently leased to one tenant. The reported building size is 8002 square feet, with a finished basement that adds conference rooms, a kitchenette, and bathrooms outside the stated square footage. The building footprint also offers the possibility of future separation into individual office units.
The office condominium development is managed through an association, with association fees paid by the tenant. The lease runs through 11/30/2026, providing a defined lease term for the current occupancy. Roof and HVAC systems are each less than 5 years old, and the property includes ample parking.
The office condominium development is managed through an association, with association fees paid by the tenant. The lease runs through 11/30/2026, providing a defined lease term for the current occupancy. Roof and HVAC systems are each less than 5 years old, and the property includes ample parking.
Key Highlights
- 8002‑square‑foot office building in Pittsford Village Green
- Fully leased to a single tenant through 11/30/2026
- Finished basement with conference rooms, kitchenette, and bathrooms excluded from stated square footage
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
$60,238
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
4.63%
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%
$1,204,760
$1.2M
Cap Rate 7%
$860,543
$860.5K
Cap Rate 9%
$669,311
$669.3K
Market Conditions
NOI Build-Up for 8,002 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
$112.3K $14.04/SF
− Vacancy
−$32.0K −$4.00/SF
EGI
$80.3K $10.04/SF
− OpEx
−$20.1K −$2.51/SF
NOI
$60.2K $7.53/SF
Area
Monroe County, NY
Vacancy
28.51%
Lease Rate
$14.04 /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%
$1,204,760
Cap Rate 7%
$860,543
Cap Rate 9%
$669,311
Alternative Uses
Best Use
Office B
$860.5K
$753.0K – $1.00M
NOI $60,238 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.54M
$1.34M – $1.79M
NOI $107,530 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
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?
Office units - Fully occupied office property with updated roof and HVAC systems.
Where is this office units located?
The property is located at 71 Monroe Avenue Pittsford, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 8002‑square‑foot office building in Pittsford Village Green; Fully leased to a single tenant through 11/30/2026; Finished basement with conference rooms, kitchenette, and bathrooms excluded from stated square footage
