408 State Route 3 Plattsburgh, NY 12901

Property Details for 408 State Route 3

Year built

2020

Lot size

1.08 lot acres

Property size

4,373 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity features a 4,373 square foot Panera Bread restaurant located at 408 State Route 3, Plattsburgh, NY, 12901. Built in 2020 on a 1.08-acre lot, this single-tenant property boasts a 10.5-year remaining lease term (expiring December 30, 2034) with four 5-year renewal options. The absolute NNN lease includes a corporate guarantee from Panera Bread, LLC, and features an 8% rent increase every five years. The current annual net operating income (NOI) is $210,028, resulting in a 5.75% cap rate. This property benefits from a prime location in Plattsburgh's main retail corridor, with high visibility from NY Hwy-3, experiencing approximately 17,147 and 32,969 vehicles per day. The location is strategically positioned near major employers, including UVM Health Network - Champlain Valley Hospital and SUNY Plattsburgh, and numerous other retail establishments such as Walmart, Lowe's, and Target. The drive-thru further enhances the property's appeal and profitability. This is a management-free investment ideal for passive investors seeking strong returns and long-term stability in a thriving market. The property's strategic location, coupled with the strength of the Panera Bread brand and the favorable lease terms, makes this an attractive investment opportunity.