Freestanding Walgreens Investment
For Sale
Contact for pricing
825-827 Dutchess Tpke, Poughkeepsie, NY
Absolute NNN lease with over 11 years remaining.
Property Size14,742 SF
Lot Size1.45 Acres
Price / SF$508.75
Days on Market586
Property Features for 825-827 Dutchess Tpke
General Information
Standard status
Active
Size
14,742 SF
Lot size
1.45 Acres
Property subtype
RETAIL
Listing Agency:
SRS Real Estate Partners | New York
(212) 710-5250
Listed By:
Britt Raymond · License #10491212709
(704) 517-4712
Source:
Moodyscre
Added: Feb 6, 2025
Changed: Aug 15
Last Checked: Sep 14 at 10:08AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SRS Real Estate Partners | New York
Investment Insights
Based on property information with market context.
This is an opportunity to acquire the fee simple interest in a freestanding Walgreens investment property located in Poughkeepsie, NY. The property is equipped with a drive-thru. The tenant, Walgreen Eastern Co., Inc., has over 11 years of firm term remaining with options that can extend the term through 2086. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Walgreens is among the largest pharmacy retailers in the United States with over 8,000 operating locations. The property size is 14,742 square feet.
Key Highlights
- Absolute NNN lease with zero landlord responsibilities, ideal for passive investors.
- Corporate‑backed lease by Walgreen Eastern Co., Inc., a major national pharmacy retailer.
- Freestanding building with drive‑thru in Poughkeepsie, NY.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$266,922
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,338,440
$5.3M
Cap Rate 7%
$3,813,171
$3.8M
Cap Rate 9%
$2,965,800
$3.0M
Market Conditions
NOI Build-Up for 14,742 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$371.5K $25.20/SF
− Vacancy
−$15.6K −$1.06/SF
EGI
$355.9K $24.14/SF
− OpEx
−$89.0K −$6.04/SF
NOI
$266.9K $18.11/SF
Area
Dutchess County, NY
Vacancy
4.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,338,440
Cap Rate 7%
$3,813,171
Cap Rate 9%
$2,965,800
Alternative Uses
Best Use
Specialty Retail
$3.81M
$3.34M – $4.45M
NOI $266,922 @ 7.0% cap · market cap 3.56%
Second Best
Retail
$2.69M
$2.36M – $3.14M
NOI $188,625 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,632 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
27k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Dunkin' Donuts
Dining
14,422 visits/mo
0.1 miles
Starbucks
Dining
12,186 visits/mo
0.5 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Drug store - Absolute NNN lease with over 11 years remaining.
Where is this drug store located?
The property is located at 825-827 Dutchess Tpke Poughkeepsie, NY.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities, ideal for passive investors.; Corporate‑backed lease by Walgreen Eastern Co., Inc., a major national pharmacy retailer.; Freestanding building with drive‑thru in Poughkeepsie, NY.
