2036 Chili Ave Rochester, NY 14624

Property Details for 2036 Chili Ave

Year built

1998

Lot size

6.05 lot acres

Property size

62,042 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional retail investment opportunity presents the Shoppes at Westgate, a 62,042 square foot shopping center in Rochester, NY. Anchored by a newly signed 10-year lease with Ross Dress for Less, this property boasts a diverse tenant mix including Citizens Bank, Bath & Body Works, Shoe Dept., Citi Trends, and Hibbett Sports. The property features six tenants, all national corporations with strong credit ratings and corporate guarantees, ensuring a stable income stream. With a 9.00% cap rate and a Net Operating Income (NOI) of $596,100, this is a compelling investment. The property sits on a 6.05-acre lot and benefits from a prime location on Chili Ave (25,000+ vehicles per day), a main intersection in the submarket. Its proximity to a heavily trafficked Walmart (over 2.1 million annual visits), Wegmans corporate headquarters, the University of Rochester, and the Greater Rochester International Airport provides exceptional visibility and access to a large consumer base. The property also enjoys convenient access to major interstates I-490 and I-390. Built in 1998, the property is well-maintained, with a roof replaced in 2018 and under warranty until 2038. The property is offered free and clear of existing financing, presenting a rare opportunity for immediate ownership. The current occupancy rate is 90.83%, and the asking price is $6,625,000 ($106.78 per square foot). This is a fee simple ownership opportunity with a strong track record and significant upside potential.

Location Insight

City

Rochester

County

Monroe

State

New York

Longitude

-77.6867

Latitude

43.1329