1650 Elmwood Ave Rochester, NY 14620-3418

Property Details for 1650 Elmwood Ave

Year built

2007

Lot size

2.70 lot acres

Property size

14,736 SF

Zone code

02 - SINGLE RESIDENCE

Property type

Retail space

APN

262000 136.11-2-63

APU

26200013611263

Description

This exceptional investment opportunity presents a 14,820 square foot, single-tenant Walgreens located at 1650 Elmwood Ave, Rochester, NY 14620. Boasting a strong 8.00% cap rate and a substantial $440,000 NOI, this absolute triple-net (NNN) leased property offers a secure investment with a remaining lease term of 6.4 years, expiring April 30, 2031. The property features a double drive-thru, and benefits from a prime location near the University of Rochester (14,000 students) and the Strong Memorial Hospital (886 beds), contributing to the Walgreens' impressive reported sales exceeding $3.2 million. The 2.7-acre lot, built in 1986, is situated in a high-traffic area with approximately 40,000 vehicles passing daily. The property's strategic location, coupled with the tenant's creditworthiness and consistent sales growth, makes this a compelling investment prospect. Additional amenities include a photo center, Western Union, Bitcoin ATM, and FedEx Onsite services. The property is part of a larger portfolio, but can be purchased individually. The lease includes a percentage rent clause, offering potential inflation protection. The surrounding area features a strong demographic profile, with a five-mile population of 288,000 and an average household income of $80,600. The asking price is $5,500,000, representing a price per square foot of $371.12. The lease has a 75-year base term with options for the tenant. This is a rare opportunity to acquire a high-performing, well-located Walgreens in a thriving market.

Location Insight

City

Rochester

County

Monroe

State

New York

Longitude

-77.5935

Latitude

43.1262

CBSA code

40380

CBSA name

ROCHESTER, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments