Building Details

Year Built 2018

Buildings 1

Stories 1

Tenancy Single

Listing Agency: Great Dane Properties

Listed By: Joe Draghi · License #NY

Source: Crexi

Added: Dec 26, 2023 Changed: Aug 15 Last Checked: Aug 20 at 9:22AM

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Investment Insights

Based on property information with market context.

This property features an absolute net lease Walgreens for sale in Dryden, NY. Situated on a 2.32-acre site with 344 feet of frontage on State Route 13, the property offers excellent access and visibility. The building size is 11,324 square feet. There are 14 years remaining on the absolute triple net lease. Additionally, adjacent development ground is available, pre-approved for a building of up to 5,700 square feet with a drive-thru option, complete with a separate right-out curb cut. Route 13 serves as the main retail corridor.

Key Highlights

• Absolute Net Lease Walgreens with 14 years remaining
• Located on main retail corridor (Route 13)
• Excellent access and visibility

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

$146,453

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

4.21%

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%

$2,929,060 $2.9M

Cap Rate 7%

$2,092,186 $2.1M

Cap Rate 9%

$1,627,256 $1.6M

Market Conditions

NOI Build-Up for 11,324 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

$203.8K $18.00/SF

− Vacancy

−$8.6K −$0.76/SF

EGI

$195.3K $17.24/SF

− OpEx

−$48.8K −$4.31/SF

NOI

$146.5K $12.93/SF

Area

Tompkins 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%

$2,929,060

Cap Rate 7%

$2,092,186

Cap Rate 9%

$1,627,256

Alternative Uses

Best Use

Specialty Retail

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,453 @ 7.0% cap · market cap 4.21%

Second Best

Retail

$2.06M

$1.80M – $2.40M (±1% cap)

NOI $143,980 @ 7.0% cap · market cap 4.14%

Theoretical Best

Office A

$3.53M

$3.09M – $4.12M (±1% cap)

NOI $247,351 @ 7.0% cap · market cap 7.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Walgreens Pharmacy Pharmacy FedEx OnSite Postal Service Walgreens Pharmacy COVID-19 Drive-Thru Testing ... Medical Laboratory Citizens ATM Atm

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Electrical Service Law Firm Plumbing Service Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

251

Businesses Nearby

57k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 54% Dining 46%

Speedway Shops & Services

19,632 visits/mo 0.2 miles

Dunkin' Donuts Dining

12,815 visits/mo 0.2 miles

McDonald's Dining

12,444 visits/mo 0.2 miles

Dollar General Shops & Services

9,440 visits/mo 0.3 miles

Napa Auto Parts Shops & Services

1,101 visits/mo 0.1 miles

Demographics for 13045, NY

28,406

Population

12,420

Households

2.3

Avg Household Size

36

Median Age

30%

College-Educated

90%

High-School Grad

107.9 sq mi

ZIP Area

263

Density / Sq Mi

$67,028

Median Household Income

$33,869

Median Earnings

$905

Median Rent

$162,700

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this drug stores located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Walgreens Pharmacy — 79 North St, Dryden, NY 13053
• Minarski David — 44 North St, Dryden, NY 13053
• Kinney Drugs Pharmacy — 44 North St, Dryden, NY 13053

Frequently Asked Questions

What type of property is this?

Drug store - NNN leased Walgreens for sale with 14 years remaining.

Where is this drug store located?

The property is located at 79 North St Dryden, NY.

What is the asking price?

The asking price for this property is $3,481,885.

What are key features of this property?

This property features: Absolute Net Lease Walgreens with 14 years remaining; Located on main retail corridor (Route 13); Excellent access and visibility