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    945 Genesee St Rochester, NY 14611

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    945 Genesee St Rochester, NY 14611

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    • Retail properties & Spaces
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    • Retail properties & Spaces

    Property Details for 945 Genesee St

    Year built
    1920
    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    This exceptional 800-square-foot vacant retail space, located at 945 Genesee St in Rochester, NY 14611, presents a fantastic opportunity for a small business or office. Situated in a Class B building constructed in 1920 and extensively renovated in 2020, this single-tenant space boasts a desirable creative office subtype. The property features a 10-foot ceiling height, providing ample space and a modern feel. Convenient on-street parking and a dedicated lot to the right of the building offer a total of six parking spaces. The building is a two-story structure, and this unit is easily accessible and highly visible from Genesee Street. The property is zoned commercial and is located in Monroe County, offering excellent proximity to the University of Rochester and a thriving residential neighborhood, ensuring high foot traffic and strong visibility. The space is ready for immediate occupancy, with 100 amps of power available. A neighboring barber shop adds to the vibrant atmosphere of the immediate area. This is an ideal location for a business seeking high visibility and convenient access to a strong customer base.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Rochester
    County
    Monroe
    State
    New York
    Longitude
    -77.6363
    Latitude
    43.1315

    Comparable in this City

    • Value Estimation by Request
      263,045 SF

      400 West Ave

      Office properties & Spaces • 263,045 SF
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    • Value Estimation
      $1,425,000
      40,584 SF

      29 Genesee St

      PROFESSIONAL BUILDING • 40,584 SF
      29 Genesee St, Rochester, NY 14611
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    • Value Estimation
      $1,455,000
      14,219 SF

      750 Main St, Unit 782

      MEDICAL CLINIC • 14,219 SF
      750 Main St, Rochester, NY 14611-2363
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    • Value Estimation by Request
      30,624 SF

      910 Genesee St, Unit 960

      OFFICE BUILDING • 30,624 SF
      910 Genesee St, Rochester, NY 14611-3847
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    • Value Estimation by Request
      153,472 SF

      400 Ww Ave

      OFFICE BUILDING • 153,472 SF
      400 Ww Ave, Rochester, NY 14611-2538
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    • Value Estimation by Request
      3,500 SF

      924 Jefferson Ave, Unit 940

      PROFESSIONAL BUILDING • 3,500 SF
      924 Jefferson Ave, Rochester, NY 14611-3702
      View Details

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    945 Genesee St
    Rochester, NY 14611
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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
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