360 Pulteney StCorning, NY 14830

This exceptional investment opportunity presents the Tops Plaza Shopping Center, a 60,456 square foot, multi-tenant retail property located at 360 Pulteney Street in Corning, New York. The property boasts a strong tenant lineup, including a grocery-anchored Tops Market, Sherwin-Williams, Monro Muffler, and Rent-A-Center, among others. With seven tenants currently occupying the space, the center enjoys a 95.8% occupancy rate. The property consists of two single-story buildings situated on a 6.29-acre lot. Built in 1977 and renovated in 2014, the center offers a stabilized investment opportunity with a current Net Operating Income (NOI) of $571,894 and an 8.00% cap rate. The asking price is $7,150,000, translating to a price per square foot of $118.27. The property features a triple-net (NNN) lease structure with credit-rated tenants and built-in rent bumps. Tops Market, a significant anchor tenant, recently exercised a five-year lease extension. A 2,541 square foot vacant space presents potential for increased revenue. The property benefits from its proximity to a new Starbucks development. The long-term financial stability of the property is further enhanced by the fact that Tops Market and Monro Muffler are responsible for maintaining portions of the roof. This presents a significant advantage in terms of reduced capital expenditure exposure for the owner. This is a fee-simple ownership opportunity with no ground lease.