CVS Drug Store with
For Sale
Contact for pricing
249 Main Street, Binghamton, NY 13905
The CVS tenancy has more than seven years remaining, with five renewal options available.
Property Size10,125 SF
Price / SF$268.08
Days on Market9
Property Features for 249 Main Street
General Information
Standard status
Active
Size
10,125 SF
Property subtype
Retail
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2003
Buildings
1
Tenancy
Single
Listing Agency:
Horvath & Tremblay
Listed By:
Matthew Nadler · License #MA 134870
Source:
Crexi
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 2:58PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Built in 2003, this 10,125-square-foot drug store is occupied by CVS and includes a dedicated drive-through lane. The tenant has extended its lease, which has more than seven years remaining and five, five-year renewal options.
The property is on Main Street, a north-south commercial corridor serving Binghamton and nearby communities. Interstate 81 and NY Route 17/Interstate 86 connect the region with Syracuse, Scranton, and the Southern Tier. Nearby institutions and employers include United Health Services, Binghamton University, SUNY Broome, Lockheed Martin, BAE Systems, Lourdes, and Broome County government. UHS Binghamton General Hospital, with 220 beds, and UHS Wilson Medical Center are also in the surrounding area.
The property is on Main Street, a north-south commercial corridor serving Binghamton and nearby communities. Interstate 81 and NY Route 17/Interstate 86 connect the region with Syracuse, Scranton, and the Southern Tier. Nearby institutions and employers include United Health Services, Binghamton University, SUNY Broome, Lockheed Martin, BAE Systems, Lourdes, and Broome County government. UHS Binghamton General Hospital, with 220 beds, and UHS Wilson Medical Center are also in the surrounding area.
Key Highlights
- 10,125‑square‑foot building constructed in 2003
- CVS lease has 7+ years remaining
- Five (5), five‑year renewal options
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
$130,947
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
4.82%
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%
$2,618,940
$2.6M
Cap Rate 7%
$1,870,671
$1.9M
Cap Rate 9%
$1,454,967
$1.5M
Market Conditions
NOI Build-Up for 10,125 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
$182.3K $18.00/SF
− Vacancy
−$7.7K −$0.76/SF
EGI
$174.6K $17.24/SF
− OpEx
−$43.6K −$4.31/SF
NOI
$130.9K $12.93/SF
Area
Broome County, NY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$2,618,940
Cap Rate 7%
$1,870,671
Cap Rate 9%
$1,454,967
Alternative Uses
Best Use
Specialty Retail
$1.87M
$1.64M – $2.18M
NOI $130,947 @ 7.0% cap · market cap 4.82%
Second Best
Retail
$1.45M
$1.27M – $1.70M
NOI $101,847 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $175,835 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
35k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 39%
Electronics 5%
Burger King
Dining
13,550 visits/mo
0.2 miles
Speedway
Shops & Services
11,024 visits/mo
0.3 miles
Kwik Fill
Shops & Services
4,719 visits/mo
0.2 miles
KeyBank
Shops & Services
2,389 visits/mo
0.2 miles
Cricket Wireless Authorized Retailer
Electronics
1,714 visits/mo
0.3 miles
Demographics for 13905, NY
27,672
Population
13,774
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
28.2 sq mi
ZIP Area
981
Density / Sq Mi
$53,757
Median Household Income
$30,359
Median Earnings
$993
Median Rent
$137,700
Median Home Value
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CVS Pharmacy — 37 Riverside Dr, Johnson City, NY 13790
- Alison Calabrese — 37 Riverside Dr, Johnson City, NY 137902734
- Adun-Ola Sangosanya — 37 Riverside Dr, Johnson City, NY 137902734
- The Best Me to Be — 157 chapin st, binghamton, ny 13905
- Price Chopper Pharmacy — 10 Glenwood Ave, Binghamton, NY 13905
Frequently Asked Questions
What type of property is this?
Drug store - The CVS tenancy has more than seven years remaining, with five renewal options available.
Where is this drug store located?
The property is located at 249 Main Street Binghamton, NY.
What is the asking price?
The asking price for this property is $2,714,286.
What are key features of this property?
This property features: 10,125‑square‑foot building constructed in 2003; CVS lease has 7+ years remaining; Five (5), five‑year renewal options
