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8 Cap Walgreens - Good Sales and Location 3948 State Route 281

14,800 SF Retail Building Cortland, NY 13045 $6,680,400 CAD ($451 CAD/SF) 8% Cap Rate

Investment Highlights

  • Major intersection
  • Main retail corridor
  • County Seat of Cortland County
  • Low estimated rent to sales ratio of 6.6%
  • Adjacent to Grand Union Supermarket
  • Near SUNY Cortland with 5,994 student and 1,000 employees

Executive Summary

HMX Realty Advisors exclusively presents for sale a Walgreens located in Cortland NY at the intersection of Route 281 and Route 222. The property has excellent access and visibility. There are 8.1 years remaining on an absolute triple net lease. The store reports consistent sales and has a low estimated rent to sales ratio of 6.6%. Route 281 is a major retail corridor. The store is open from 8am to 8pm and offers Covid Testing, Photo, Drive Thru, FedEx Onsite and Western Union. This is part of a three property re-priced Walgreens portfolio, and the portfolio flyer is linked. The properties are located in Rochester, Syracuse and Cortland NY.
Area retailers include Grand Union Supermarket, Harbor Freight, and Pet Supplies Plus. Rite Aid is across the intersection in an inferior location. Having both pharmacies operating at this crossroads speaks to the strategic location.
A Walmart Supercenter, Price Chopper and Lowe’s are located south on Route 281 as are many national retailers, auto dealerships and QSRs including McDonalds, KFC and Burger King.
The lease is for 75 years, with termination options starting at year 25 (2/29/2032). The lease is flat with no rent increases which creates significant leasehold value over 75 years. Walgreens can terminate the lease with six months notice after year 25. The lease also contains a percentage rent clause which, while not currently “in the money,” could provide important inflation protection in future years.
Located 1.1 miles from the property is SUNY Cortland, also known as State University of New York at Cortland. It has a 191 acres campus with total undergraduate enrollment of 5,994 and over 1,000 employees as of fall 2022. It specializes in teacher education programs and certification in nearly every subject.
Guthrie Cortland Medical Center is 1.4 miles from the property. It has over 700 employees. It is a 162-bed acute care facility with an attached 80-bed residential care facility. The center’s staff includes 300 providers representing 12 medical fields and 10 specialties.
Major employers in Cortland are Suit-Kote Corporation with 750 employees, Marietta Corporation – 700, and Cortland County Government - over 600, In addition to being the county seat Cortland is known for the manufacture of milling machines, medical instruments, textiles, and electrical components. International exporting is an integral part of many of the corporations in the area.

Data Room Click Here to Access

Property Facts

Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,800 SF
Building Class
B
Year Built
2006
Price
$6,680,400 CAD
Price Per SF
$451 CAD
Cap Rate
8%
NOI
$534,432 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.24
Land Acres
1.40 AC
Zoning
5

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease End
  • CVS
  • -
  • -
  • -
  • -
  • Rite Aid
  • -
  • -
  • -
  • -
  • Retailer
  • -
  • -
  • Feb 2032

Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.

Tenant Industry SF OCCUPIED RENT/SF Lease End
CVS - - - -
Rite Aid - - - -
Retailer - - Feb 2032

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
112289-086-013-0001-049-000-0000
Land Assessment
$700,385 CAD
Improvements Assessment
$2,079,303 CAD
Total Assessment
$2,779,688 CAD
  • Listing ID: 30687754

  • Date on Market: 2024-01-18

  • Last Updated:

  • Address: 3948 State Route 281, Cortland, NY 13045

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