Cortland Retail Property for
For Sale
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3948 State Rte 281, Cortland, NY
Retail property in Cortland, NY with long-term tenant.
Property Size14,490 SF
Lot Size1.40 Acres
Price / SF$299.72
Days on Market543
Property Features for 3948 State Rte 281
General Information
Standard status
Active
Size
14,490 SF
Lot size
1.40 Acres
Property subtype
RETAIL
Listing Agency:
SRS Real Estate Partners | New York
(212) 710-5250
Listed By:
Kyle Fant · License #10401281546
(973) 632-1386
Source:
Moodyscre
Added: Mar 27, 2025
Changed: Sep 19
Last Checked: Sep 19 at 10:48AM
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 retail property is tenanted by Walgreens, who have 7 years remaining on their original 25-year lease. The tenant has 10 options to extend for 5 years each, demonstrating their commitment to the location. The lease specifies no rental increases during the initial term or at the beginning of each option period. The tenant has a termination option every 5 years beginning on 02/29/2032 and every 5 years thereafter. The property has a size of 14490 square feet and is located at 3948 State Rte 281, Cortland, NY.
Key Highlights
- Long‑term tenant (Walgreens) with 7 years remaining on the original 25‑year lease.
- Tenant has 10 (5‑year) options to extend, indicating a strong commitment to the location.
- Tenant has termination options every 5 years beginning 2/29/2032.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Well-served
Demand for This Use
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Business Placement
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Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Walgreens Pharmacy — 3948 NY-281, Cortland, NY 13045
- Alyssa R. Duprey, PharmD — 3948 NY-281, Cortland, NY 13045
- COVID-19 Drive-Thru Testing at Walgreens — 3948 NY-281, Cortland, NY 13045
- Mark Roberts — 3948 NY-281, Cortland, NY 130458851
- Victor Nhan Nguyen — 3948 NY-281, Cortland, NY 130458851
Frequently Asked Questions
What type of property is this?
Drug store - Retail property in Cortland, NY with long-term tenant.
Where is this drug store located?
The property is located at 3948 State Rte 281 Cortland, NY.
What is the asking price?
The asking price for this property is $4,343,000.
What are key features of this property?
This property features: Long‑term tenant (Walgreens) with 7 years remaining on the original 25‑year lease.; Tenant has 10 (5‑year) options to extend, indicating a strong commitment to the location.; Tenant has termination options every 5 years beginning 2/29/2032.
