Listed by SRS Real Estate Partners New York
$5,176,000
Walgreens - Rochester NY
Details
APN 262000136.11-2-63
Property Type Retail
Sub Type Pharmacy/Drug, Shopping Center
Square Footage 14,820
Net Rentable (SqFt) 14,820
Cap Rate 8.50%
NOI $440,000
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 25
Lease Expiration 04/29/2031
Remaining Term 6
Lease Options 10 (5-Year)
Year Built 2007
Acreage 2.700
Zoning C-2
Parking Spaces 75 spaces
Parking per 1,000 SqFt 5.06
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 04/30/2006
Ownership Fee Simple (Land & Building Ownership)
Retail | 8.50% CAP | 14,820 SqFt
Marketing description
Walgreens (www.walgreens.com) is included in the U.S. Retail Pharmacy and U.S. Healthcare segments of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), an integrated healthcare, pharmacy and retail leader with a 170-year heritage of caring for communities. WBA’s purpose is to create more joyful lives through better health. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services, including those that drive equitable access to care for the nation’s underserved populations. To best meet the needs of customers and patients, Walgreens offers a true omnichannel experience, with fully integrated physical and digital platforms supported by the latest technology to deliver high-quality products and services in communities nationwide.
Rochester, New York received the All-American-City award in 1998, and it’s only one of ten communities to earn this recognition. There is always something to do in Rochester, from museums to antique shopping, sports to culture, scenic cruising to bargain hunting. The city is known as both the “Flour City” and the “Flower City” and is the third largest city in New York State. The city is the county seat for Monroe County. Rochester is part of a metropolitan area that includes sections of Genesee County, Livingston County, Ontario County, Orleans County, and Wayne County. The City of Rochester is the 4th largest city in New York with a population of 208,719 as of July 1, 2024.
Rochester’s economy benefits from many advantages, including an ample supply of fresh water from Lake Ontario and the pristine Finger Lakes, a central location among the population centers of the Northeastern United States and the innovative foundations laid by such firms as Kodak, Xerox and Bausch and Lomb. A host of colleges and universities, including the University of Rochester and the Rochester Institute of Technology, produce an educated workforce and generates cutting-edge research that drives the city’s innovation and technology sectors. Rochester is emerging as the imaging, optics and photonics capital of the world and in 2015 the White House announced the new Integrated Photonics Institute for Manufacturing Innovation would be located in Rochester. Other growing industries include food-and-beverage manufacturing, biotechnology, and green innovation. Photocopy machines and other products including auto parts, machine tools, electrical equipment, clothing, plastics, and processed foods now augment the economy. Rochester is also the processing, distribution, and shipping point for the surrounding fertile truck- and fruit-farming belt.
Rochester has a number of professional sports teams for fans and spectators. The city has the AAA international league baseball club, the Rochester Red Wings. For ice hockey fans, there’s the AHL Rochester Americans. Soccer fans can catch the USL 1st Division Rochester Raging Rhinos. The Rochester Knighthawks and the Rochester Rattlers are the two city lacrosse teams. The Rochester Razorsharks plays in the American Basketball Association. Roc City Wrestling is an independent pro-wrestling league with frequent events in the region. There are many colleges in the area with sports teams, most notably the RIT men’s ice hockey team which plays at the Division I level.
Investment highlights
- 6 Years Remaining | Options To Extend | Strong Sales Performance | Top-Percentile Foot Traffic Rankings
- 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
- Strong sales performance and Placer.ai data, with the location ranking in the top 68th percentile nationwide and top 70th percentile regionally
- 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 McQuaid Jesuit High School, the local Highschool in Rochester that has over 765 Students enrolled as of 2024
- Above average stores sales for the location
- Located 1.7 miles from Strong Memorial Hospital (886 bed facility) part of the University of Rochester Medical Center complex
- The asset is less than 5-miles from a 150,000+ square foot Walmart Supercenter that also includes many other national/credit tenants
- There is new construction in the area with the Lac De Ville shopping center- ALDI, Starbucks and Jersey Mike’s
- Subject Property Walgreens is ranked 3,470 / 7,521 out of comparable Walgreens (top 53rd percentile)
- Tops - 1900 S Clinton Ave, Rochester, NY 14618 - Ranked 23 / 148 out of comparable Tops (top 85th percentile)
- Costco - 335 Westfall Rd, Rochester, NY 14620 - Ranked 187 / 580 out of comparable Costco (top 67th percentile)
- The Walgreens is a 5-mile drive to Frederick Douglass Greater Rochester International Airport, the Local aiport serving the city of rochester and surrounding areas, the aiport sees over 60 commercial flights, and over 185 private flights per day
- The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Five Guys, Chick-fil-A, Texas Roadhouse, and more, further increasing consumer traffic to the site
- Strong Demographics In 5-Mile Trade Area
- More than 286,284 residents and 237,871 employees support the trade area
- $83,291 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
$440,000.00
$36,666.67/mo
Valuation Metrics
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DSCR
8.5%
Cap Rate
8.5%
ROI
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