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    1671 Mount Hope Ave Rochester, NY 14620

    Sponsored
    For Lease
    $22 SF/Yr

    3,857 SF Office/Retail Space Available

    Lot size:
    32,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional 3,857 square foot retail or office space is located within the vibrant Mt. Hope Shopping Plaza at 1671 Mt. Hope Ave, Rochester, NY 14620. The single-story, Class B building, renovated in 2017, offers a total of 32,000 square feet and is situated in a high-traffic area with an estimated 32,000 vehicles passing daily. The space is immediately available and benefits from excellent visibility and accessibility, featuring three driveways for convenient loading and unloading. The plaza boasts a diverse mix of established co-tenants, including Family Dollar, Country Sweet, Sultans', SEA Restaurant, a nail salon, laundromat, and a grocery store, ensuring a steady flow of foot traffic. Its prime location offers easy access to major thoroughfares, including Expressway 390, and is within a five-minute drive of the University of Rochester, Strong Memorial Hospital, and within ten minutes of downtown Rochester, Highland Hospital, Monroe Community College, and the Veterans Administration. The surrounding area is characterized by a well-established residential and office community, providing a strong customer base. The property is professionally maintained and offers the potential to lease additional kiosk space. The building's rear houses medical offices, and across the street, you'll find Mavis, Taco Bell, St. Ann's Church, beauty salons, and a bicycle store. This presents a unique opportunity for businesses seeking a high-visibility location in a thriving commercial area.

    Property Features for 1671 Mount Hope Ave

    General Information

    Property type
    Specialty properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,000 SF
    Class
    B
    Total Rate
    58666.67

    Building Details

    Year Renovated
    2017
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Storefront
    Size
    3,857 SF
    Rate per SF
    $100

    We can help!

    Listing Contact
    Nancy Gastel

    Learn more

    HighLights

    • Secure rear area includes bank vault, kitchenette, bathroom, and utility/file room.
    • 3,857 SF space lease includes kiosk for an additional $1,000/month; kiosk lease separately is $1,200/month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Auto Repair Shop Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rochester
    County
    Monroe
    State
    New York
    Longitude
    -77.621863
    Latitude
    43.1175677

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    FAQs

    What type of property is this?
    Specialty property - 3,857 SF Office/Retail Space Available
    Where is this specialty property located?
    The property is located at 1671 Mount Hope Ave Rochester, NY.
    What is the lease rate?
    The lease rate is $100 SF/Yr.
    What are key features of this property?
    This property features: Secure rear area includes bank vault, kitchenette, bathroom, and utility/file room.; 3,857 SF space lease includes kiosk for an additional $1,000/month; kiosk lease separately is $1,200/month.;
    Request Owner's contact information
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    Rochester, NY 14620
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1671 Mount Hope Ave Rochester, NY 14620
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    We can help!
    Listing Contact
    Nancy Gastel
    Real Estate License ID: GA 308708
    Learn more
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