Walgreens in Irondequoit,
For Sale
Contact for pricing
Pending
2100 East Ridge Road, Irondequoit, NY 14622
14,805 SF Walgreens on 1.44 AC for sale.
Property Size14,805 SF
Lot Size1.44 Acres
Days on Market815
Property Features for 2100 East Ridge Road
General Information
Standard status
Pending
Size
14,805 SF
Total Parking Spaces
67
Lot size
1.44 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$352,000
Building Details
Year Built
2005
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - Atlanta
Listed By:
Brian Pfohl · License #GA 349355
(404) 504-7893
Source:
Crexi
Added: Jun 12, 2024
Changed: Sep 2
Last Checked: Aug 31 at 2:41PM
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 CBRE - Atlanta
Investment Insights
Based on property information with market context.
This offering features a 14,805 square-foot Walgreens situated on 1.44 acres in Irondequoit, New York, which is part of the Rochester, NY MSA with a population of 1.1 million. The property is available for sale and is under an absolute NNN lease with a corporate guaranty from Walgreen Co. The lease was recently extended for an additional 3 years through 2034 and has approximately 8.8 years of term remaining, along with ten, 5-year renewal options.
Key Highlights
- Absolute NNN lease structure, offering zero landlord responsibilities.
- Corporate guaranty from Walgreen Co.
- Lease recently extended through 2034.
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
$215,137
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
4.58%
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%
$4,302,740
$4.3M
Cap Rate 7%
$3,073,386
$3.1M
Cap Rate 9%
$2,390,411
$2.4M
Market Conditions
NOI Build-Up for 14,805 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
$319.8K $21.60/SF
− Vacancy
−$32.9K −$2.22/SF
EGI
$286.8K $19.38/SF
− OpEx
−$71.7K −$4.84/SF
NOI
$215.1K $14.53/SF
Area
Rochester, NY
Vacancy
10.30%
Lease Rate
$21.60 /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%
$4,302,740
Cap Rate 7%
$3,073,386
Cap Rate 9%
$2,390,411
Alternative Uses
Best Use
Specialty Retail
$3.07M
$2.69M – $3.59M
NOI $215,137 @ 7.0% cap · market cap 4.58%
Second Best
Retail
$2.87M
$2.51M – $3.35M
NOI $200,795 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$4.06M
$3.55M – $4.73M
NOI $283,901 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
208k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Groceries 27%
Apparel 21%
Dining 8%
Wegmans
Groceries
55,907 visits/mo
0.2 miles
Marshalls
Apparel
33,501 visits/mo
0.2 miles
Dollar Tree
Shops & Services
19,476 visits/mo
0.2 miles
Byrne Dairy
Shops & Services
19,083 visits/mo
0.1 miles
ESL Federal Credit Union
Shops & Services
10,290 visits/mo
0.2 miles
Demographics for 14622, NY
11,930
Population
6,047
Households
2
Avg Household Size
47
Median Age
34%
College-Educated
91%
High-School Grad
4.4 sq mi
ZIP Area
2,711
Density / Sq Mi
$73,683
Median Household Income
$52,464
Median Earnings
$1,032
Median Rent
$160,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CVS Pharmacy — 500 Skyview Centre Pkwy, Rochester, NY 14622
- Andrew J. Flood, Pharm — 500 Medley Centre Pkwy, Irondequoit, NY 14622
- Sara Roback — 500 Medley Centre Pkwy, Irondequoit, NY 146222447
- Glamour Brows and Lashes — 1780 east ridge road, rochester, ny 14622
- Rochester Regional Health - Human Resources — 100 Kings Hwy S, Rochester, NY 14617
Frequently Asked Questions
What type of property is this?
Drug store - 14,805 SF Walgreens on 1.44 AC for sale.
Where is this drug store located?
The property is located at 2100 East Ridge Road Irondequoit, NY.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: Absolute NNN lease structure, offering zero landlord responsibilities.; Corporate guaranty from Walgreen Co.; Lease recently extended through 2034.
