Leased Grocery
For Sale
$8,975,422
7 Pyramid Drive, Plattsburgh, NY 12901
Fully leased grocery property with access from the Adirondack Northway near Plattsburgh.
Property Size51,918 SF
Price / SF$172.88
Days on Market90
Property Features for 7 Pyramid Drive
General Information
Standard status
Active
Size
51,918 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
CBRE | Albany
(518) 429-6175
Listed By:
Laurie Tylenda · License #Associate Real Estate Broker
(518) 429-6175
Source:
Cbre
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 1:00PM
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 CBRE | Albany
Investment Insights
Based on property information with market context.
This fully leased grocery property contains approximately 51,918 SF and is operated by Hannaford. The lease is held by Martin’s Foods of South Burlington, Inc., with Ahold Delhaize USA identified as the parent company.
The property is located at 7 Pyramid Drive in Plattsburgh, NY, just off I-87 Adirondack Northway Exit 37. Optional adjacent acreage is also available, providing an additional component for consideration with the grocery store.
The property is located at 7 Pyramid Drive in Plattsburgh, NY, just off I-87 Adirondack Northway Exit 37. Optional adjacent acreage is also available, providing an additional component for consideration with the grocery store.
Key Highlights
- ±51,918 SF grocery store
- Fully leased property
- Hannaford is the operating entity
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
$671,455
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
7.48%
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%
$13,429,100
$13.4M
Cap Rate 7%
$9,592,214
$9.6M
Cap Rate 9%
$7,460,611
$7.5M
Market Conditions
NOI Build-Up for 51,918 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
$934.5K $18.00/SF
− Vacancy
−$39.3K −$0.76/SF
EGI
$895.3K $17.24/SF
− OpEx
−$223.8K −$4.31/SF
NOI
$671.5K $12.93/SF
Area
Clinton 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%
$13,429,100
Cap Rate 7%
$9,592,214
Cap Rate 9%
$7,460,611
Alternative Uses
Best Use
Specialty Retail
$9.59M
$8.39M – $11.19M
NOI $671,455 @ 7.0% cap · market cap 7.48%
Second Best
Retail
$9.10M
$7.96M – $10.62M
NOI $637,158 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$14.31M
$12.52M – $16.70M
NOI $1,001,810 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
432k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 27%
Shops & Services 23%
Superstores 19%
Home Improvements & Furnishings 11%
Target
Superstores
83,099 visits/mo
0.3 miles
Hannaford
Groceries
36,091 visits/mo
0.0 miles
Lowe's
Home Improvements & Furnishings
35,026 visits/mo
0.5 miles
Runnings
Apparel
27,957 visits/mo
0.5 miles
DICK'S Sporting Goods
Apparel
27,688 visits/mo
0.3 miles
Demographics for 12901, NY
32,147
Population
15,426
Households
2.1
Avg Household Size
38
Median Age
33%
College-Educated
89%
High-School Grad
70.6 sq mi
ZIP Area
455
Density / Sq Mi
$59,413
Median Household Income
$35,385
Median Earnings
$957
Median Rent
$182,100
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
- Walmart #1994 GM Truck Recieving — Plattsburgh, NY 12901
- Target Grocery — 60 Smithfield Blvd Suite 49, Plattsburgh, NY 12901
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Fully leased grocery property with access from the Adirondack Northway near Plattsburgh.
Where is this grocery and convenience store located?
The property is located at 7 Pyramid Drive Plattsburgh, NY.
What is the asking price?
The asking price for this property is $8,975,422.
What are key features of this property?
This property features: ±51,918 SF grocery store; Fully leased property; Hannaford is the operating entity
