• An Award Winning Net Lease & Retail Commercial Real Estate Group

Walgreens 15 Year Absolute NNN Lease

12 Park Dr, Hornell, NY 14843, USA
$5,398,064

Description

Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid (now backed by Walgreens as of February 2018) located at 12 Park Drive, Hornell, New York in Steuben County, just an
hours drive South of Rochester, New York and just over an hour South East of the City of Buffalo with an average household income exceeding $58,695, annually. The closest Walgreen’s is 23 miles away in Bath, New York.
The subject property consists of 13,813 square feet that is situated on a 1.71-acre-parcel of land with a full service pharmacy drive-thru window and a Wellness Clinic within the store. This  Walgreens benefits from the strategic location at the signalized intersection of Maple City Drive and Park Drive.
There are 15 years remaining on the lease, Absolute Net-Lease (NNN) where the landlord has no responsibilities to the property. The offering provides a flat initial term and three five-year options
with no rent increases. This Walgreens is an outparcel to Hornell Railroad Center which includes retailers such as Family Dollar, Aaron’s, Save a Lot and Tractor Supply Company to name a few.
Walgreens is one of the nations largest leading drugstore chains with over 8,100 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands, and nearly 235,000 associates. Walgreens also manages more than 400 healthcare clinics and provider practice locations around the country.

  • Corporately Guaranteed by Walgreens
  • BBB Credit Guaranty
  • Over 15 Years Remaining on the Lease
  • Closest Walgreens is 23 Miles Away
  • Close Proximity to St. James Mercy Hospital
  • Wellness Clinic Within the Store

Property Documents

  • City: Hornell
  • State/county: New York
  • Zip/Postal Code: 14843
  • Country: United States

Detail

  • Price: $5,398,064

Additional details

  • CAP Rate: 6.25%
  • NOI: $337,379

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