Profitable Investment Opportunity in
For Sale
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40 State Highway 310, Canton, NY 13617
NNN leased investment property with established Kinney Drugs tenant.
Property Size12,000 SF
Price / SF$250
Days on Market175
Property Features for 40 State Highway 310
General Information
Standard status
Active
Size
12,000 SF
Class
A
Total Parking Spaces
100
Property subtype
Retail
Zoning
Commercial
Lease Type
Absolute Net
Investment Type
Stabilized
Net Operating Income
$210,000
Building Details
Year Built
1993
Year Renovated
2021
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Sutton Real Estate Company LLC
(315) 424-1111
Listed By:
Barton Feinberg · License #NY 30FE1034180
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 11 at 8:00PM
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 Sutton Real Estate Company LLC
Investment Insights
Based on property information with market context.
Located at 40 State Highway 310 in Canton, NY 13617, this property presents an investment opportunity with a long-established lease with corporate Kinney Drugs, a regional pharmacy chain. The property is situated minutes from St. Lawrence University, SUNY Canton, Nobel Urgent Care, and retail centers. The location benefits from a customer base and exposure due to high daily traffic. The lease has a remaining 5-year term with 4-5 year renewal options. The surrounding demographics include a growing population, median household incomes, and a substantial employment base.
Key Highlights
- Long‑established lease with corporate Kinney Drugs provides stable income.
- Prime location with high daily traffic and excellent exposure on State Highway 310.
- Proximity to St. Lawrence University, SUNY Canton, and Nobel Urgent Care ensures a strong customer base.
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
$186,235
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
6.21%
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%
$3,724,700
$3.7M
Cap Rate 7%
$2,660,500
$2.7M
Cap Rate 9%
$2,069,278
$2.1M
Market Conditions
NOI Build-Up for 12,000 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
$259.2K $21.60/SF
− Vacancy
−$10.9K −$0.91/SF
EGI
$248.3K $20.69/SF
− OpEx
−$62.1K −$5.17/SF
NOI
$186.2K $15.52/SF
Area
St. Lawrence County, NY
Vacancy
4.20%
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%
$3,724,700
Cap Rate 7%
$2,660,500
Cap Rate 9%
$2,069,278
Alternative Uses
Best Use
Specialty Retail
$2.66M
$2.33M – $3.10M
NOI $186,235 @ 7.0% cap · market cap 6.21%
Second Best
Retail
$2.18M
$1.91M – $2.54M
NOI $152,575 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$2.98M
$2.60M – $3.47M
NOI $208,397 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
67k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 20%
Hotels & Casinos 8%
Home Improvements & Furnishings 7%
McDonald's
Dining
26,251 visits/mo
0.2 miles
Mobil
Shops & Services
10,865 visits/mo
0.2 miles
Burger King
Dining
10,575 visits/mo
0.1 miles
Tim Hortons
Dining
5,640 visits/mo
0.5 miles
Best Western University Inn
Hotels & Casinos
5,509 visits/mo
0.2 miles
Demographics for 13617, NY
12,083
Population
4,645
Households
2.6
Avg Household Size
29
Median Age
36%
College-Educated
93%
High-School Grad
132.5 sq mi
ZIP Area
91
Density / Sq Mi
$72,652
Median Household Income
$26,397
Median Earnings
$901
Median Rent
$148,900
Median Home Value
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
- Jonathan M. Kubinski, PHARM — 111 E Main St, Canton, NY 13617
- Price Chopper Pharmacy — 111 E Main St, Canton, NY 13617
- Kiera E. Warner, RPh — 40 NY-310, Canton, NY 13617
- Max Buscaglia — 97 E Main St, Canton, NY 136171445
- Peter Macarthur — 40 NY-310, Canton, NY 136171459
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased investment property with established Kinney Drugs tenant.
Where is this drug store located?
The property is located at 40 State Highway 310 Canton, NY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Long‑established lease with corporate Kinney Drugs provides stable income.; Prime location with high daily traffic and excellent exposure on State Highway 310.; Proximity to St. Lawrence University, SUNY Canton, and Nobel Urgent Care ensures a strong customer base.
