Walgreens NNN Investment
For Sale
Contact for pricing
2 N Park St, Cambridge, NY
NNN Walgreens in Cambridge, NY with over 14 years remaining.
Property Size11,984 SF
Lot Size1.00 Acres
Price / SF$243.99
Days on Market577
Property Features for 2 N Park St
General Information
Standard status
Active
Size
11,984 SF
Lot size
1.00 Acres
Property subtype
RETAIL
Listing Agency:
SRS Industrial - Newport Beach
(949) 698-1100
Listed By:
Matthew Mousavi · License #CA 01732226
(949) 698-1116
Source:
Moodyscre
Added: Feb 7, 2025
Changed: Aug 16
Last Checked: Sep 6 at 2:37PM
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 Industrial - Newport Beach
Investment Insights
Based on property information with market context.
This property offers the opportunity to acquire the fee simple interest in a Walgreens investment property located in Cambridge, New York. The property is subject to an absolute NNN lease. The tenant, Walgreen Co., has over 14 years remaining on their initial lease, with 12 (5-year) options to extend. The lease includes 5% rental increases every 5 years throughout the initial term and at the beginning of each option period. The lease is absolute NNN with zero landlord responsibilities. Walgreens operates nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, serving nearly 10 million customers each day. The property contains 11,984 square feet.
Key Highlights
- Absolute NNN lease provides a completely passive investment with zero landlord responsibilities.
- Over 14 years remaining on the initial lease term with Walgreens, ensuring long‑term stable income.
- Benefit from 5% rental increases every 5 years, hedging against inflation and growing NOI.
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
$187,928
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
6.43%
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%
$3,758,560
$3.8M
Cap Rate 7%
$2,684,686
$2.7M
Cap Rate 9%
$2,088,089
$2.1M
Market Conditions
NOI Build-Up for 11,984 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
$258.9K $21.60/SF
− Vacancy
−$8.3K −$0.69/SF
EGI
$250.6K $20.91/SF
− OpEx
−$62.6K −$5.23/SF
NOI
$187.9K $15.68/SF
Area
Washington County, NY
Vacancy
3.20%
Lease Rate
$21.60 /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%
$3,758,560
Cap Rate 7%
$2,684,686
Cap Rate 9%
$2,088,089
Alternative Uses
Best Use
Specialty Retail
$2.68M
$2.35M – $3.13M
NOI $187,928 @ 7.0% cap · market cap 6.43%
Second Best
Retail
$2.14M
$1.87M – $2.49M
NOI $149,478 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $208,119 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
10k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Home Improvements & Furnishings 28%
Dining 11%
Cumberland Farms
Shops & Services
6,211 visits/mo
0.2 miles
Noble Ace Hardware
Home Improvements & Furnishings
2,843 visits/mo
0.2 miles
SUBWAY
Dining
1,078 visits/mo
0.3 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Green Witch Vape Cambridge — 76 W Main St, Cambridge, NY 12816
- Walgreens Pharmacy — 2 N Park St, Cambridge, NY 12816
- Marybeth Brown — 2 N Park St, Cambridge, NY 128161105
- Jason Goodspeed — 2 N Park St, Cambridge, NY 128161105
- David Lester — 2 N Park St, Cambridge, NY 128161105
Frequently Asked Questions
What type of property is this?
Drug store - NNN Walgreens in Cambridge, NY with over 14 years remaining.
Where is this drug store located?
The property is located at 2 N Park St Cambridge, NY.
What is the asking price?
The asking price for this property is $2,924,000.
What are key features of this property?
This property features: Absolute NNN lease provides a completely passive investment with zero landlord responsibilities.; Over 14 years remaining on the initial lease term with Walgreens, ensuring long‑term stable income.; Benefit from 5% rental increases every 5 years, hedging against inflation and growing NOI.
