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    2 Park St Cambridge, NY 12816

    For Sale
    $2,924,000

    NNN Lease, Cambridge, NY, High NOI

    Property size:
    11,984 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents a fee-simple ownership of a Walgreens pharmacy in Cambridge, NY. The 11,984 square foot building, constructed in 2008, sits on a 0.99-acre lot with 32 parking spaces and is located at a signalized intersection with high visibility. The property boasts a strong 100% occupancy rate with a corporate-guaranteed, absolute NNN lease. The current lease, commencing October 31, 2023, and expiring October 31, 2038, offers a remaining term of 14 years, with twelve 5-year renewal options. The lease includes scheduled 5% rental increases every five years, providing a hedge against inflation and consistent NOI growth. The property's Net Operating Income (NOI) is $182,760, resulting in a 6.25% cap rate at the asking price of $2,924,000 ($243.99/sq ft). The property is zoned MU (Main Street Mixed Use) and benefits from a strong tenant synergy with nearby national retailers, including Dollar General, O'Reilly Auto Parts, Subway, and Ace Hardware. The location is further enhanced by its proximity to Cambridge Central High School, serving 394 students. The 5-mile trade area boasts a population exceeding 5,000 residents and 1,000 employees, with an average household income of $86,182. This presents a low-management, high-return investment with significant long-term potential. The APN is 535001 256.17-1-24.

    Property Features for 2 Park St

    General Information

    Property type
    Individual retail properties
    Square Feet
    11,984 SF
    Lot Size
    43,124 SF

    Building Details

    Year Built
    2008

    HighLights

    • 14+ Years Remaining Lease Term; Corporate Guarantee; 5% Annual Rent Increases; Established Tenant.
    • Absolute NNN Lease; Fee Simple Ownership; No Landlord Responsibilities.
    • National Credit Tenant; Minimal Local Competition.
    • Strong Demographics within a 5‑Mile Radius.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Subway Sandwich Shop Walgreens Pharmacy Pharmacy Walgreens Drug Store Walgreens Photo Passport Photo Processor FedEx OnSite Mailing Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Cambridge
    County
    Washington
    State
    New York
    Longitude
    -73.3757971
    Latitude
    43.0279397

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    FAQs

    What type of property is this?
    Individual retail property - NNN Lease, Cambridge, NY, High NOI
    Where is this individual retail property located?
    The property is located at 2 Park St Cambridge, NY.
    What is the asking price?
    The asking price for this property is $2,924,000.
    What are key features of this property?
    This property features: 14+ Years Remaining Lease Term; Corporate Guarantee; 5% Annual Rent Increases; Established Tenant.; Absolute NNN Lease; Fee Simple Ownership; No Landlord Responsibilities.; National Credit Tenant; Minimal Local Competition.
    Request Owner's contact information
    2 Park St Cambridge, NY 12816
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    Cambridge, NY 12816
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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
    2 Park St Cambridge, NY 12816
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