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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
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
- Offering Memorandum
Property Facts
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- CVS
- -
- -
- -
- -
- Rite Aid
- -
- -
- -
- -
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
Parcel Number | 112289-086-013-0001-049-000-0000 | Improvements Assessment | $2,079,303 CAD |
Land Assessment | $700,385 CAD | Total Assessment | $2,779,688 CAD |
PROPERTY TAXES
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8 Cap Walgreens - Good Sales and Location | 3948 State Route 281
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