1200 Miracle Mile DrRochester, NY 14623

Property Details for 1200 Miracle Mile Dr

Year built

2014

Lot size

8.58 AC

Property size (Sq ft)

54,907 SF

Zone code

05 - COMMERCIAL

Property type

Community centers

APN

263200 161.12-1-1.1/E

APU

26320016112111E

Description

This fee-simple retail property in Rochester, NY, offers a compelling investment opportunity. The 55,000 square-foot building, constructed in 2014, is 100% occupied by a corporate-guaranteed Sportsman's Warehouse under a gross lease. The lease, expiring January 2036, includes two 5-year renewal options with attractive 5% rent bumps every five years. The property boasts a strong 8.25% cap rate and a substantial net operating income (NOI) of $825,000. Situated on an 8.58-acre lot, it benefits from its location on a pad site adjacent to The Marketplace Mall, a major retail center undergoing redevelopment. The property enjoys excellent visibility and accessibility, less than a mile from Interstate 390, connecting to Interstates 90 and 590. The surrounding area features a dense concentration of retail establishments, including Walmart, Wegman's, and numerous other national brands, creating a robust consumer base. High traffic counts on nearby roads, coupled with strong demographics (over 41,600 people within a 3-mile radius, average household income exceeding $83,119), further enhance the property's investment potential. The asking price is $10,000,000.

• CAP approach

  CAP return

  Valuation

  6%

  $13,033,844

  6.5%

  $12,031,241

  7%

  $11,171,867

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,640,834

  Geo Method

  $8,704,582

• Alternative Use

  Use

  Valuation

  Residential

  $10,148,802

  Hospitality

  $9,296,248

  Educational

  $7,734,369

  Medical

  $8,000,366

  Retail

  $12,031,241

Location Insight

City

Rochester

County

Monroe

State

New York

Latitude

43.0809

Longitude

-77.6367

CBSA code

40380

CBSA name

ROCHESTER, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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