Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    170 Port Watson Street Cortland, NY 13045

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,700,000

    Single tenant Walgreens with new eight-year lease and renewal options.

    Type:Commercial/Industrial
    Added:
    Mar 24, 2026
    Days on Market:
    14
    Last Refresh:
    Feb 11 at 8:41 am

    Property Features for 170 Port Watson Street

    General Information

    Standard status
    Active
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    Luisa Vargas

    Listing agent Luisa Vargas License #10401296322

    Listing office SkyLimit Realty Group

    Listing date Mar 24, 2026

    Source Exitrealty

    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 SkyLimit Realty Group

    Overview

    Freestanding Walgreens NNN Property

    This is a single-tenant, free-standing building with Walgreens as the tenant. The buyer will own the land and building, assuming no landlord responsibilities. It is an absolute NNN property with a rated tenant. A new eight-year lease commenced on April 1, 2022, including three five-year renewal options, each with a 7% rent increase. The property generates an income of $200,000 per year. Prospective buyers should re-verify all information independently.
    Location Intelligence

    Current Use by Public Records

    Walgreens Photo (Bike/Boat/Book/etc) Store FedEx OnSite Postal Service Rite Aid Pharmacy Walgreens Pharmacy Pharmacy Cardtronics ATM Atm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.1661321
    Latitude
    42.5987622

    Nearby Similar for Sale

    • $425,000
      4,540 SF

      Versatile Commercial Property Near Cortland

      Well-maintained commercial building with high ceilings and versatile space.
      1134 State Route 13, Cortland, NY 13045
      View Details
    • $900,000
      6,560 SF

      Profitable Virgil Property with Multiple Streams

      Turn-key investment property with welding business, storage, and U-Haul.
      1234 State Route 392, Cortland, NY 13045
      View Details
    • $399,000
      4,560 SF

      Cortland Commercial Building For Sale

      Two-story, 4,560 SF commercial building in downtown Cortland, NY.
      97-103 N Main Street, Cortland, NY 13045
      View Details
    • $299,900
      3,610 SF

      Turn-Key Office Building with Retail

      3,610 sq ft turn-key office building with retail potential.
      997 Mclean Road, Cortland, NY 13045
      View Details
    • $185,000
      3,456 SF

      Cortland Triplex with Extra Lot

      Three-unit property in Cortland, NY with additional parking space.
      2 South Avenue, Cortland, NY 13045
      View Details
    • $100,000
      2,126 SF

      Two-Unit Home with Large Yard

      Two-unit home with large yard, investment opportunity.
      55 Hubbard Street, Cortland, NY 13045
      View Details
    • $299,900
      2,688 SF

      Commercial Property on High Traffic Area

      Attractive investment opportunity with tenant in place on 1.27 acres.
      991 State Route 13, Cortland, NY 13045
      View Details
    • $280,000
      2,831 SF

      Renovated Rental Near SUNY Cortland

      Newly renovated duplex near SUNY Cortland, leased through spring 2027.
      13 James Street, Cortland, NY 13045
      View Details
    • $169,900
      1,894 SF

      Cortland Two-Unit Investment Property

      Well-maintained two-unit property near SUNY Cortland and downtown.
      68 Groton Avenue, Cortland, NY 13045
      View Details
    • $169,000
      2,528 SF

      Cortland Duplex with Ample Parking

      Well-maintained Cortland duplex, ideal for owners or investors.
      23-25 Rickard Street, Cortland, NY 13045
      View Details
    • $159,000
      2,016 SF

      Cortland Duplex: Investment Opportunity

      Well-maintained Cortland duplex with hardwood floors, ideal for investors.
      96 Pendleton Street, Cortland, NY 13045
      View Details
    • $289,000
      3,900 SF

      Versatile Commercial Space in Cortland

      Commercial space in Cortland's historic downtown, ready for renovation.
      16-18 Main Street, Cortland, NY 13045
      View Details

    FAQs

    What type of property is this?
    NNN property - Single tenant Walgreens with new eight-year lease and renewal options.
    Where is this nnn property located?
    The property is located at 170 Port Watson Street Cortland, NY.
    What is the asking price?
    The asking price for this property is $4,700,000.
    What are key features of this property?
    This property features: Absolute NNN lease with investment‑grade (Walgreens) tenant.; New eight (8) year lease commenced 4/1/2022, providing stable long‑term income.; $200,000 per year rental income.
    (718) 749-9501
    We can help!
    Listing Contact
    Luisa Vargas
    Real Estate License ID: 10401296322
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!