Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    79 North St Cortland, NY 13045
    Back to Search
    Property profile & analytics

    79 North St, Cortland, NY 13045

    View on Map
    • Retail properties & Spaces
    • 11,324 SF
    • 2.32 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 79 North St

    Year built
    2018
    Lot size
    2.32 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Drug stores

    Description

    This exceptional investment opportunity presents a 11,324 square foot Walgreens pharmacy located at 79 North Street, Dryden, NY 13045. The property boasts a strong 7.00% cap rate and a long-term, absolute triple net (NNN) lease with 13.6 years remaining until June 30, 2038. Built in 2018, this single-story building sits on a 2.32-acre lot with 344 feet of frontage on State Route 13, a major retail corridor, ensuring excellent visibility and accessibility. The property's 100% occupancy and franchisee tenant provide exceptional stability. The asking price is $3,481,885, translating to a price per square foot of $307.48. The lease commenced June 8, 2018, and is categorized as a single-tenant, absolute NNN lease. Adjacent to the property is pre-approved land for development of up to 5,700 square feet, including a drive-thru option. The property is zoned for commercial business use. This is a rare opportunity to acquire a high-performing, net-leased Walgreens in a prime retail location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Tompkins
    State
    New York
    Longitude
    -76.2981
    Latitude
    42.4973

    Comparable in this City

    • Value Estimation by Request
      14,800 SF

      3948 Ny-281

      Individual retail properties
      3948 Ny-281, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      264,064 SF

      848 Ny-13

      Power centers
      848 Ny-13, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      5,700 SF

      79 North St

      Restaurants
      79 North St, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      2.69 Acres

      55-57 Miller St

      NURSERY, GREENHOUSE, FLORIST
      55-57 Miller St, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      134,233 SF

      3918 Ny-281

      Neighborhood centers
      3918 Ny-281, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      7,920 SF

      2 Mclean Rd

      Restaurants
      2 Mclean Rd, McLean, NY 13045
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,490 SF

      Cortland Retail Property for Sale

      Retail property in Cortland, NY with long-term tenant.
      3948 State Route 281, Cortland, NY 13045
      View Details
    • $385,000
      Pending

      Cortland Commercial Building with Restaurant Potential

      Commercial building near SUNY Cortland, ideal for restaurant or other ventures.
      219-1/2 Tompkins Street Ext, Cortland, NY 13045
      View Details
    • $299,900
      Pending

      Turn-Key Office Building with Retail

      3,610 sq ft turn-key office building with retail potential.
      997 Mclean Rd, Cortland, NY 13045
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      39,500 SF

      Prime Commercial Space in Cortland

      Premier commercial space in revitalized Downtown Cortland landmark building.
      110 Main St, Cortland, NY 13045
      View Details
    • Contact for pricing
      12,750 SF

      Retail Space Near Airport

      Retail space available near Cortland County Airport.
      3654 Rte 281, Cortland, NY 13045
      View Details
    • New
      $185,000
      1,840 SF

      Versatile Commercial Space in Cortland

      Adaptable commercial property in Cortland's West End, customizable for various uses.
      74 Hamlin St, Cortland, NY 13045
      View Details
    • $18 SF/Yr

      Retail Space in West Gate Plaza

      Bright, open retail spaces in a high-traffic, renovated plaza.
      3505 West Rd, Munsons Corners, NY 13045
      View Details
    • Contact for pricing

      Prime Retail/Office Space in Cortland

      High-visibility retail/office space in Cortland's Central Business District.
      11 Clinton Ave, Cortland, NY 13045
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease at 79 North St.
      79 North St, Dryden, NY 13045
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    79 North St
    Cortland, NY 13045
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    79 North St, Cortland, NY, 13045
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!