Walgreens NNN Retail
For Sale
$4,000,000
869 2nd Ave, Troy, NY 12182
Freestanding drug store investment with an NN lease and limited landlord obligations near the Hudson River.
Property Size14,673 SF
Days on Market68
Property Features for 869 2nd Ave
General Information
Standard status
Active
Size
14,673 SF
Property subtype
Retail
Building Details
Building Size
14,673 SF
Year Built
2008
Listing Agency:
Bang Realty
(248) 781-8076
Listed By:
George Abro · License #BRK.200900214
Source:
Altitudecre
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 1:17PM
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 Bang Realty
Investment Insights
Based on property information with market context.
The property comprises a 14,673-square-foot freestanding Walgreens building on 1.91 acres. Constructed in 2008, the building has remained 100% occupied since completion and is leased under an NN structure, placing minimal landlord responsibilities with the owner. The current lease has 3.5 years remaining, followed by four 5-year extension options that include 5% rent escalations.
Located at 869 2nd Ave in Troy, New York, the site is positioned against the Hudson River within an infill setting serving surrounding households. Flood insurance is required for the property.
Located at 869 2nd Ave in Troy, New York, the site is positioned against the Hudson River within an infill setting serving surrounding households. Flood insurance is required for the property.
Key Highlights
- 14,673 SF freestanding Walgreens building on 1.91 acres
- Built in 2008 and 100% occupied since construction
- NN lease structure with minimal Landlord responsibilities
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
$189,766
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
4.74%
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%
$3,795,320
$3.8M
Cap Rate 7%
$2,710,943
$2.7M
Cap Rate 9%
$2,108,511
$2.1M
Market Conditions
NOI Build-Up for 14,673 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
$264.1K $18.00/SF
− Vacancy
−$11.1K −$0.76/SF
EGI
$253.0K $17.24/SF
− OpEx
−$63.3K −$4.31/SF
NOI
$189.8K $12.93/SF
Area
Albany 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%
$3,795,320
Cap Rate 7%
$2,710,943
Cap Rate 9%
$2,108,511
Alternative Uses
Best Use
Specialty Retail
$2.71M
$2.37M – $3.16M
NOI $189,766 @ 7.0% cap · market cap 4.74%
Second Best
Retail
$2.53M
$2.21M – $2.95M
NOI $177,115 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$4.58M
$4.01M – $5.34M
NOI $320,503 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
79k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Groceries 40%
Dining 18%
Hannaford
Groceries
31,919 visits/mo
0.1 miles
Dollar Tree
Shops & Services
9,844 visits/mo
0.3 miles
Dunkin' Donuts
Dining
8,702 visits/mo
0.2 miles
Family Dollar
Shops & Services
8,599 visits/mo
0.2 miles
Valero Energy
Shops & Services
6,406 visits/mo
0.5 miles
Demographics for 12182, NY
14,657
Population
7,314
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
1,070
Density / Sq Mi
$54,663
Median Household Income
$47,077
Median Earnings
$1,012
Median Rent
$195,300
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 - Freestanding drug store investment with an NN lease and limited landlord obligations near the Hudson River.
Where is this nnn property located?
The property is located at 869 2nd Ave Troy, NY.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 14,673 SF freestanding Walgreens building on 1.91 acres; Built in 2008 and 100% occupied since construction; NN lease structure with minimal Landlord responsibilities
