Listed by SRS Real Estate Partners New York
$4,343,000
Walgreens - Cortland NY
Details
APN 112289 86.13-01-49.000
Property Type Retail
Sub Type Convenience Store, Pharmacy/Drug
Square Footage 14,490
Net Rentable (SqFt) 14,490
Cap Rate 8.75%
NOI $380,000
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 25
Lease Expiration 02/28/2032
Remaining Term 6
Rent Bumps No
Lease Options 10 (5-Year)
Year Built 2006
Acreage 1.400
Zoning C-2
Parking Spaces 48 spaces
Parking Per SqFt 3.31
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 02/28/2006
Ownership Fee Simple (Land & Building)
8.75% CAP | Abs NNN
Investment highlights
- 6 Years Remaining | Options To Extend | Strong Sales Performance
- The tenant, Walgreens, has approximately 6 years remaining on their original 25-year lease with 10 (5-year) options to extend, demonstrating their commitment to the site
- This is a high-performing store, with strong sales supporting tenant stability and long-term viability
- NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
- No landlord responsibilities
- Ideal, management-free investment for a passive investor
- Walmart Supercenter | Primary Retail Corridor
- The Walgreens is located directly adjacent to SUNY Cortland - School Of Professional Studies, the local Professional Studies school in Cortland that has over 6,938 Students enrolled as of 2024
- The asset is less than 2-miles from a 100,000+ square foot Walmart Supercenter that also includes many other national/credit tenants, including a Dollar Tree, JCPenney, Applebee's Grill & Bar, Taco Bell, McDonald's, and more
- The property is in the center of a primary retail corridor with other nearby national/credit tenants including an ALDI, A&W Restaurant, Big Lots, Dunkin, Starbucks, Wendy's and more, further increasing consumer traffic to the site
- Strong Demographics In 5-Mile Trade Area
- More than 29,874 residents and 19,412 employees support the trade area
- $88,103 average household income
Listing Contacts
Listed by SRS Real Estate Partners New York
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Loan Amount
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Annual Debt Service
$--
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Annual Cash Flow
$380,000.00
$31,666.67/mo
Valuation Metrics
0
DSCR
8.75%
Cap Rate
8.75%
ROI
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