East Avenue Retail Investment
For Sale
Contact for pricing
Pending
384 East Ave, Rochester, NY 14607
Prime retail property in Rochester's East End entertainment district.
Property Size10,099 SF
Days on Market1013
Property Features for 384 East Ave
General Information
Standard status
Pending
Size
10,099 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
1957
Year Renovated
2023
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Cushman & Wakefield Pyramid Brokerage Company - Fairport, New York
Listed By:
John Kaman · License #NY 10301212528
(585) 248-9426
Source:
Crexi
Added: Nov 27, 2023
Changed: Aug 8
Last Checked: Jul 25 at 1:37PM
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 Cushman & Wakefield Pyramid Brokerage Company - Fairport, New York
Investment Insights
Based on property information with market context.
Located in Rochester's East End entertainment district, this retail property at 384 East Avenue features a 10,099 sq. ft. building. The property includes two private outdoor patios and fireplaces. Currently, the building houses JoLi, a private event and catering company with a take-out kitchen. The interior features a ballroom, a central bar area, and an additional bar suitable for private events. The venue can accommodate both small gatherings of approximately 25 people and larger events exceeding 125 guests. The property is situated next to the new Courtyard by Marriott, which has 126 rooms. Its location provides visibility and foot traffic, enhanced by its proximity to the Central Business District and over 4.5 million sq. ft. of office space. The property is offered with a triple net (NNN) lease.
Key Highlights
- Prime location in Rochester's East End entertainment district, next to a Courtyard by Marriott, offering high visibility.
- Spacious 10,099 sq. ft. building with a ballroom, central bar, and private event bar, accommodating 25‑125+ guests.
- Currently home to JoLi, a thriving private event and catering company with an on‑site take‑out kitchen, offering immediate income.
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
$136,969
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
9.13%
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%
$2,739,380
$2.7M
Cap Rate 7%
$1,956,700
$2.0M
Cap Rate 9%
$1,521,878
$1.5M
Market Conditions
NOI Build-Up for 10,099 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
$218.1K $21.60/SF
− Vacancy
−$22.5K −$2.22/SF
EGI
$195.7K $19.38/SF
− OpEx
−$58.7K −$5.81/SF
NOI
$137.0K $13.56/SF
Area
Rochester, NY
Vacancy
10.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,739,380
Cap Rate 7%
$1,956,700
Cap Rate 9%
$1,521,878
Alternative Uses
Best Use
Specialty Retail
$2.10M
$1.83M – $2.45M
NOI $146,753 @ 7.0% cap · market cap 9.78%
Second Best
Retail
$1.96M
$1.71M – $2.28M
NOI $136,969 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,658 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,324
Businesses Nearby
99k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 34%
Hotels & Casinos 21%
Home Improvements & Furnishings 3%
Delta Sonic Car Wash
Shops & Services
33,243 visits/mo
0.3 miles
Wendy's
Dining
16,800 visits/mo
0.3 miles
Dunkin' Donuts
Dining
16,744 visits/mo
0.5 miles
The Strathallan Rochester Hotel & Spa - a DoubleTree by Hilton
Hotels & Casinos
10,813 visits/mo
0.2 miles
Hampton Inn
Hotels & Casinos
10,290 visits/mo
0.4 miles
Demographics for 14607, NY
16,298
Population
11,971
Households
1.4
Avg Household Size
32
Median Age
60%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
9,587
Density / Sq Mi
$56,270
Median Household Income
$44,018
Median Earnings
$1,129
Median Rent
$304,100
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?
Retail space - Prime retail property in Rochester's East End entertainment district.
Where is this retail space located?
The property is located at 384 East Ave Rochester, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime location in Rochester's East End entertainment district, next to a Courtyard by Marriott, offering high visibility.; Spacious 10,099 sq. ft. building with a ballroom, central bar, and private event bar, accommodating 25‑125+ guests.; Currently home to JoLi, a thriving private event and catering company with an on‑site take‑out kitchen, offering immediate income.
