Rite Aid NNN
For Sale
Contact for pricing
2401 Genesee St, Buffalo, NY
NNN leased Rite Aid in Cheektowaga, New York.
Property Size11,421 SF
Lot Size1.30 Acres
Price / SF$144.47
Days on Market478
Property Features for 2401 Genesee St
General Information
Standard status
Active
Size
11,421 SF
Lot size
1.30 Acres
Property subtype
RETAIL
Listing Agency:
NNN Pro Group
(332) 345-4261
Listed By:
Cade Kearn · License #49KU1129178
Source:
Moodyscre
Added: Apr 21, 2025
Changed: Aug 11
Last Checked: Aug 11 at 2:40PM
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 NNN Pro Group
Investment Insights
Based on property information with market context.
The property at 2401 Genesee Street, Cheektowaga, New York, is a retail property occupied by Rite Aid. The building has approximately 11,421 rentable square feet of space and is situated on an estimated 1.25-acre parcel of land. The property is subject to a 28-year Triple Net (NNN) lease, which commenced in August 1999. The current annual rent is $247,667, with scheduled rent increases in the option periods.
Key Highlights
- Tenant is Rite Aid
- 28‑year Triple Net (NNN) lease commenced 8/20/1999
- Located at 2401 Genesee Street, Cheektowaga, New York 14225
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
$130,953
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
7.94%
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%
$2,619,060
$2.6M
Cap Rate 7%
$1,870,757
$1.9M
Cap Rate 9%
$1,455,033
$1.5M
Market Conditions
NOI Build-Up for 11,421 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
$191.9K $16.80/SF
− Vacancy
−$17.3K −$1.51/SF
EGI
$174.6K $15.29/SF
− OpEx
−$43.7K −$3.82/SF
NOI
$131.0K $11.47/SF
Area
Buffalo, NY
Vacancy
9.00%
Lease Rate
$16.80 /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%
$2,619,060
Cap Rate 7%
$1,870,757
Cap Rate 9%
$1,455,033
Alternative Uses
Best Use
Specialty Retail
$1.87M
$1.64M – $2.18M
NOI $130,953 @ 7.0% cap · market cap 7.94%
Second Best
Retail
$1.59M
$1.39M – $1.85M
NOI $111,248 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$2.75M
$2.40M – $3.20M
NOI $192,257 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Buffalo, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rite Aid Pharmacy — 2401 Genesee St, Cheektowaga, NY 14225
- Lisanne Holley, Pharm — 2752 Harlem Rd, Cheektowaga, NY 14225
- Dr. Claudia D. Fosket, MD — 2605 Harlem Rd, Buffalo, NY 14225
- Matthew Mesi — 2401 Genesee St, Cheektowaga, NY 142252805
- Bonsai Beauty — 120 Alexander Ave, Buffalo, NY 14211
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased Rite Aid in Cheektowaga, New York.
Where is this drug store located?
The property is located at 2401 Genesee St Buffalo, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Tenant is Rite Aid; 28‑year Triple Net (NNN) lease commenced 8/20/1999; Located at 2401 Genesee Street, Cheektowaga, New York 14225
