869 2nd Ave - Drug Store FOR SALE


Troy, NY 12182
$5,990,140 USD
619-297-0055
869 2nd Ave, Troy, NY for Sale
$5,990,140 USD
Drug Store - FOR SALE
1/3
null | 10% Cap Rate

869 2nd Ave
Troy, NY 12182


HIGHLIGHTS

  • Walgreens acquired this store from Rite Aid and rebranded it as a preferred location in 2019.
  • Next to the The Troy Waterford Bridge (11,000 VPD) which connects to NY-32 and leads south to meet with Interstate 787 (±79,000 vehicles per day).
  • There are over 4 years remaining on the lease term with 4 (5-year) options and ±5% increases at the beginning of each five-year option.
  • Samaritan Hospital, a 277-bed hospital with over 1,400 physicians serves the areas of Troy, Albany and Schenectady is located 4.5 miles south.
  • Located 12 miles north of Albany and part of the Albany MSA, which has the largest year over year increase in population among NY’s 13 metro areas.
  • Close proximity to RPI, a school district that employs about 600-700 individuals and serves approximately 4,000 students.

OVERVIEW

We are pleased to market for sale the Walgreens property located at 869 2nd Avenue in Troy, New York ("The Property"). Walgreens has been successfully operating at this location for 15 years and has over 4 years of firm term remaining. Walgreens has 4 (5-year) options to extend its lease, with ±5% increases at the beginning of each option. Located within 4.5 miles of the Samaritan Hospital, the Property benefits from its proximity to one the largest hospitals in upstate NY, serving the Troy Albany and Schenectady markets. The 277-bed hospital underwent major renovations in 2018 modernizing their facilities and expanding their emergency department, ICU, PCU, Med/Surg units, and adding a new parking garage. The Subject Property was rebranded in 2019 to Walgreens newer prototype and has the preferred double drive through window. Rensselaer Polytechnic Institute and Hudson Valley Community College, both within 10 miles of the Subject Property, combined for over 18,000 full time students and 2,800 faculty and staff. The Property is located 12 miles from Albany and benefits from its highly visible location and direct access to downtown Albany. Situated on the Waterford bridge (11,000 VPD), the Property has access to Interstate 787 (79,000 VPD) leading directly to downtown Albany. The Albany MSA has over 1,239,000 people and the largest year over year increase in population among New York’s 13 metro areas. Listed in association with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, NY DRE 10311208985.

FOR SALE DETAILS

PRICE

$5,990,140 USD

PRICE/SF

$408 USD /SF

CAP RATE

10%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

10 CAP Albany MSA Walgreens Rental Increases

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Convenience Store, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.91 AC

LAND SF

83,200 SF

ZONING

B3

APN/PARCEL ID

1700-070.80-3-3

ASK ABOUT THIS PROPERTY

Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

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Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.