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    12 Park Dr Hornell, NY 14843

    Sponsored
    For Sale
    $5,190,000

    High-Yield Pharmacy Investment, NY

    Property size:
    13,813 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a fee-simple ownership of a 13,813 square-foot Walgreens pharmacy located at 12 Park Dr, Hornell, NY 14843. The property boasts a strong absolute NNN lease with a corporate guarantee from Walgreens, minimizing landlord responsibilities. The lease, originally commencing February 23, 2005, has been extended and currently has approximately 9.4 years remaining, expiring March 30, 2034. Built in 2004, this single-tenant property sits on a 1.71-acre lot with 67 parking spaces and features a convenient drive-thru. The property enjoys a high occupancy rate of 100% and generates a substantial net operating income (NOI) of $337,380, representing a 6.50% cap rate. The asking price is $5,190,000, translating to $375.73 per square foot. The property is zoned B-2 General and benefits from a high-traffic location at the intersection of State Highway 36 and Park Drive, experiencing 20,100 vehicles daily. The trade area is well-supported by a population of 15,000 residents and 9,000 employees, with an average income of $68,983. Future rental increases are built into the lease, with adjustments scheduled for 2025 and 2030. This is a rare opportunity to acquire a stable, high-performing asset with a national tenant in a desirable location. The property's APN is 460600 166.06-07-046.101.

    Property Features for 12 Park Dr

    General Information

    Property type
    Individual retail properties
    Square Feet
    13,813 SF
    Lot Size
    74,488 SF

    Building Details

    Year Built
    2004

    HighLights

    • Lease extended to March 2034 with built‑in rental increases; corporate guarantee.
    • Absolute NNN lease; no landlord responsibilities.
    • High‑traffic location at State Highway 36 and Park Drive; 20,100 VPD.
    • Walgreens‑occupied; strong national tenant.
    • Strong demographics: 15,000 residents and 9,000 employees with $68,983 average income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Walgreens Pharmacy Pharmacy Irfan M. Mehr, ... Pharmacy Walgreens Photo Passport Photo Processor Walgreens Cosmetics Store LibertyX Bitcoin ATM Atm

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hornell
    County
    Steuben
    State
    New York
    Longitude
    -77.6603237
    Latitude
    42.3214005

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    FAQs

    What type of property is this?
    Individual retail property - High-Yield Pharmacy Investment, NY
    Where is this individual retail property 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: Lease extended to March 2034 with built-in rental increases; corporate guarantee.; Absolute NNN lease; no landlord responsibilities.; High-traffic location at State Highway 36 and Park Drive; 20,100 VPD.
    Request Owner's contact information
    12 Park Dr Hornell, NY 14843
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    Hornell, NY 14843
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12 Park Dr Hornell, NY 14843
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