Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1650 Elmwood Ave Rochester, NY 14620
    Property profile & analytics

    1650 Elmwood Ave, Rochester, NY 14620

    View on Map
    • Retail space
    • 14,736 SF
    • 2.70 lot acres
    For Sale
    $5,500,000
    View Listing →
    Rochester Retail Investment Opportunity For Sale
    $5,500,000

    Rochester Retail Investment Opportunity

    Retail property for sale in Rochester, New York.

    1650 Elmwood Ave, Rochester, NY 14620
    View Listing
    Property ID
    US63-6057518
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Walgreens Pharmacy / Pharmacy
    • FedEx OnSite / Postal Service / Courier Service
    • LibertyX Bitcoin ATM / Atm
    • COVID-19 Drive-Thru Testing at Walgreens / Pharmacy

    Property Details for 1650 Elmwood Ave

    Year built
    2007
    Lot size
    2.70 lot acres
    Zone code
    02 - SINGLE RESIDENCE
    Property type
    Retail space
    APN
    262000 136.11-2-63
    APU
    26200013611263

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 27, 2016 — Flower Shop Brighton LLC Shoppers Fair Brighton LLC Quit Claim Deed · related $470k · Miscellaneous Ins Co
    May 1, 2007 $7,004,127 Shoppers Fair Brighton LLC Falls Bridge Dev Vi LLC Warranty Deed $332k · Cwcapital LLC
    Oct 12, 2005 — 1650 Elmwood Avenue LLC 1650 Elmwood Avenue LLC Quit Claim Deed · related —
    Oct 12, 2005 $2,895,000 Falls Bridge Dev Vi LLC 1650 Elmwood Avenue LLC Deed Of Trust · related $5.4M · Key Bank & Trust
    — — Flower Shop Brighton LLC — Loan Modification · related $5.8M · Miscellaneous Ins Co

    Description

    This exceptional investment opportunity presents a 14,820 square foot, single-tenant Walgreens located at 1650 Elmwood Ave, Rochester, NY 14620. Boasting a strong 8.00% cap rate and a substantial $440,000 NOI, this absolute triple-net (NNN) leased property offers a secure investment with a remaining lease term of 6.4 years, expiring April 30, 2031. The property features a double drive-thru, and benefits from a prime location near the University of Rochester (14,000 students) and the Strong Memorial Hospital (886 beds), contributing to the Walgreens' impressive reported sales exceeding $3.2 million. The 2.7-acre lot, built in 1986, is situated in a high-traffic area with approximately 40,000 vehicles passing daily. The property's strategic location, coupled with the tenant's creditworthiness and consistent sales growth, makes this a compelling investment prospect. Additional amenities include a photo center, Western Union, Bitcoin ATM, and FedEx Onsite services. The property is part of a larger portfolio, but can be purchased individually. The lease includes a percentage rent clause, offering potential inflation protection. The surrounding area features a strong demographic profile, with a five-mile population of 288,000 and an average household income of $80,600. The asking price is $5,500,000, representing a price per square foot of $371.12. The lease has a 75-year base term with options for the tenant. This is a rare opportunity to acquire a high-performing, well-located Walgreens in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,405,000
      Market price range: $222k - $1.43M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,250,000
      RESTAURANT
      $1,195,000
      COMMERCIAL (GENERAL)
      $1,100,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Rochester
    County
    Monroe
    State
    New York
    Longitude
    -77.5935
    Latitude
    43.1262
    CBSA code
    40380
    CBSA name
    ROCHESTER, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $738,000
    $2,356,600
    $3,094,600
    -
    $1,054,296
    $3,366,604
    $4,420,900

    Comparable in this City

    • Value Estimation by Request
      4,500 SF

      395 Westfall Rd

      FINANCIAL BUILDING
      395 Westfall Rd, Rochester, NY 14620-4603
      View Details
    • Value Estimation by Request
      3,088 SF

      1477-1481 Mt Hope Ave

      FINANCIAL BUILDING
      1477-1481 Mt Hope Ave, Rochester, NY 14620
      View Details
    • Value Estimation by Request
      4,920 SF

      1619 Mt Hope Ave

      FINANCIAL BUILDING
      1619 Mt Hope Ave, Rochester, NY 14620
      View Details
    • Value Estimation by Request
      3,168 SF

      1475 Mt Hope Ave

      FINANCIAL BUILDING
      1475 Mt Hope Ave, Rochester, NY 14620-4217
      View Details
    • Value Estimation by Request
      800 SF

      1671 Mount Hope Ave

      Individual retail properties
      1671 Mount Hope Ave, Rochester, NY 14620
      View Details
    • Value Estimation by Request
      13,057 SF

      571 Ss Ave, Unit 585

      GROCERY, SUPERMARKET
      571 Ss Ave, Rochester, NY 14620-1335
      View Details

    Similar Nearby for Sale

    • $325,000
      3,600 SF

      Southwedge Retail Services Building

      Retail and distribution space in Rochester's Southwedge neighborhood.
      754 S Clinton Ave S, Rochester, NY 14620
      View Details
    • Contact for pricing

      Rochester Retail Investment Opportunity

      Retail property for sale in Rochester, New York.
      1650 Elmwood Ave, Rochester, NY 14620
      View Details
    • $299,999
      Pending

      Charming South Wedge Multi-Family Home

      Charming multi-family home in the trendy South Wedge neighborhood.
      125 Gregory St, Rochester, NY 14620
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,585 SF

      Renovated End-Cap Retail Space

      Recently renovated retail space in Rochester, NY.
      1925 Avenue S, Rochester, NY 14620
      View Details
    • Contact for pricing
      1,450 SF

      Retail Space in City Gate

      Retail space available in a high-traffic Rochester location.
      255 Westfall Rd, Rochester, NY 14620
      View Details
    • Contact for pricing
      6,113 SF

      Redeveloped Retail Space in Rochester

      Mixed-use retail space with residential lofts and on-site parking.
      739 S Clinton Ave, Rochester, NY 14620
      View Details
    • Contact for pricing

      South Wedge Commercial Space Available

      2,500 SF office/retail space in South Wedge neighborhood.
      390 South Ave, Rochester, NY 14620
      View Details
    • $2,550 /Mo

      Monroe Avenue Commercial Space Available

      First-floor commercial space suitable for restaurant, retail, or office use.
      1132 Monroe Ave, Rochester, NY 14620
      View Details
    • Contact for pricing

      Retail Space Near Erie Canal

      Retail space available near Westfall and E Henrietta Road.
      390 E Henrietta Rd, Rochester, NY 14620
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1650 Elmwood Ave
    Rochester, NY 14620
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1650 Elmwood Ave, Rochester, NY, 14620
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!