370 E Ridge Rd | Rochester, NY 14621
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- LoopNet Team
370 E Ridge Rd
Rochester, NY 14621
2% Co-Broker Fee ($141K) | Rochester Regional · Office Property For Sale
INVESTMENT HIGHLIGHTS
- STRATEGIC LOCATION: Situated within a prominent retail corridor, the property lies less than two miles from the 528-bed flagship Rochester General.
- CORPORATE GUARANTEE: The lease is guaranteed by Rochester General Hospital, Inc. Rochester Regional Health holds a BBB+ credit rating.
- FAVORABLE LEASE STRUCTURE: The property is subject to triple-net(NNN) leases under which the tenant is responsible for all operating expenses.
- ATTRACTIVE DEMOGRAPHICS: Within a 5-mile radius of the property the population is 313,859, thus providing a strong patient base.
- VALUE-ADD OPPORTUNITY: Rochester Regional Health Intends to relocate, but will likely need to execute a short-term renewal.
- ATTRACTIVE COST BASIS: Offered at an 8.75% going-in cap rate, the asset is priced at $7.06M, or approximately $200/ppsf, well below replacement cost.
PROPERTY FACTS
Property Type
Office
Property Subtype
Medical
Building Size
32,520 SF
Building Class
B
Year Built
2005
Tenancy
Single
Building Height
1 Story
Typical Floor Size
32,520 SF
Building FAR
0.20
Lot Size
3.80 AC
Zoning
05
Parking
150 Spaces (4.69 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Signage
PROPERTY TAXES
| Parcel Number | 263400-091-060-0005-037-100 | Improvements Assessment | $2,788,000 |
| Land Assessment | $762,000 | Total Assessment | $3,550,000 |
PROPERTY TAXES
Parcel Number
263400-091-060-0005-037-100
Land Assessment
$762,000
Improvements Assessment
$2,788,000
Total Assessment
$3,550,000
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