Three-Unit NNN Property
For Sale
Contact for pricing
40-42 First Street, Ilion, NY 14489
The portfolio includes Kinney Drugs and Dunkin locations within a commercial property built in 2006.
Property Size13,350 SF
Price / SF$232.91
Days on Market20
Property Features for 40-42 First Street
General Information
Standard status
Active
Size
13,350 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$233,201
Building Details
Year Built
2006
Units
2
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Conrad Sarreal · License #CA 01982875
Source:
Crexi
Added: Aug 13
Changed: Aug 31
Last Checked: Aug 25 at 6:53AM
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 Matthews
Investment Insights
Based on property information with market context.
This three-unit NNN property portfolio comprises 13,350 square feet at 40-42 First Street in Ilion, New York. The property was constructed in 2006 and includes locations associated with Kinney Drugs and Dunkin.
The offering carries a reported 7.5% cap rate and combines drugstore, restaurant, and coffee-shop uses within one commercial asset. The property is identified as a retail-oriented NNN holding with three units.
The offering carries a reported 7.5% cap rate and combines drugstore, restaurant, and coffee-shop uses within one commercial asset. The property is identified as a retail-oriented NNN holding with three units.
Key Highlights
- Three‑unit NNN property portfolio
- 13,350 SF commercial property
- Kinney Drugs and Dunkin locations
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
$218,449
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
7.03%
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%
$4,368,980
$4.4M
Cap Rate 7%
$3,120,700
$3.1M
Cap Rate 9%
$2,427,211
$2.4M
Market Conditions
NOI Build-Up for 13,350 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
$320.4K $24.00/SF
− Vacancy
−$8.3K −$0.62/SF
EGI
$312.1K $23.38/SF
− OpEx
−$93.6K −$7.01/SF
NOI
$218.4K $16.36/SF
Area
Herkimer County, NY
Vacancy
2.60%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,368,980
Cap Rate 7%
$3,120,700
Cap Rate 9%
$2,427,211
Alternative Uses
Best Use
Retail
$3.12M
$2.73M – $3.64M
NOI $218,449 @ 7.0% cap · market cap 7.03%
Second Best
Specialty Retail
$2.47M
$2.16M – $2.88M
NOI $172,656 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$3.97M
$3.48M – $4.64M
NOI $278,152 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
70k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Groceries 31%
Dining 27%
Home Improvements & Furnishings 1%
Aldi
Groceries
21,716 visits/mo
0.4 miles
McDonald's
Dining
14,074 visits/mo
0.2 miles
Dollar General
Shops & Services
9,888 visits/mo
0.2 miles
Citgo
Shops & Services
9,331 visits/mo
0.2 miles
Franco's Pizza
Dining
5,197 visits/mo
0.2 miles
Demographics for 14489, NY
7,347
Population
3,065
Households
2.4
Avg Household Size
44
Median Age
19%
College-Educated
83%
High-School Grad
69.6 sq mi
ZIP Area
106
Density / Sq Mi
$67,169
Median Household Income
$36,415
Median Earnings
$966
Median Rent
$101,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - The portfolio includes Kinney Drugs and Dunkin locations within a commercial property built in 2006.
Where is this nnn property located?
The property is located at 40-42 First Street Ilion, NY.
What is the asking price?
The asking price for this property is $3,109,333.
What are key features of this property?
This property features: Three‑unit NNN property portfolio; 13,350 SF commercial property; Kinney Drugs and Dunkin locations
