Walgreens with Drive
For Sale
Contact for pricing
12 Park Dr, Hornell, NY 14843
Walgreens in Hornell, NY with absolute NNN lease.
Property Size13,813 SF
Price / SF$375.73
Days on Market523
Property Features for 12 Park Dr
General Information
Standard status
Active
Size
13,813 SF
Property subtype
Retail
Zoning
B-2
Building Details
Year Built
2004
Listing Agency:
SRS Real Estate Partners New York
(973) 632-1386
Listed By:
Britt Raymond · License #NY 10491212709
Source:
Crexi
Added: Mar 6, 2025
Changed: Aug 11
Last Checked: May 12 at 10:19PM
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 SRS Real Estate Partners New York
Investment Insights
Based on property information with market context.
The property is a 13,813-square-foot Walgreens with a drive-thru located in Hornell, New York. It is operating under an absolute NNN lease and has recently been extended.
Key Highlights
- Absolute NNN Lease
- Walgreens with Drive Thru
- Recent Extension
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
$178,644
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
3.44%
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%
$3,572,880
$3.6M
Cap Rate 7%
$2,552,057
$2.6M
Cap Rate 9%
$1,984,933
$2.0M
Market Conditions
NOI Build-Up for 13,813 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
$248.6K $18.00/SF
− Vacancy
−$10.4K −$0.76/SF
EGI
$238.2K $17.24/SF
− OpEx
−$59.5K −$4.31/SF
NOI
$178.6K $12.93/SF
Area
Steuben 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%
$3,572,880
Cap Rate 7%
$2,552,057
Cap Rate 9%
$1,984,933
Alternative Uses
Best Use
Specialty Retail
$2.55M
$2.23M – $2.98M
NOI $178,644 @ 7.0% cap · market cap 3.44%
Second Best
Retail
$1.91M
$1.67M – $2.22M
NOI $133,387 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,718 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 14843, NY
12,637
Population
6,353
Households
2
Avg Household Size
42
Median Age
21%
College-Educated
93%
High-School Grad
95.7 sq mi
ZIP Area
132
Density / Sq Mi
$56,004
Median Household Income
$36,286
Median Earnings
$766
Median Rent
$104,300
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?
Drug store - Walgreens in Hornell, NY with absolute NNN lease.
Where is this drug store located?
The property is located at 12 Park Dr Hornell, NY.
What is the asking price?
The asking price for this property is $5,190,000.
What are key features of this property?
This property features: Absolute NNN Lease; Walgreens with Drive Thru; Recent Extension
