3949 Lockport Olcott Rd Lockport, NY 14094

Property Details for 3949 Lockport Olcott Rd

Year built

1993

Lot size

5.60 lot acres

Property size

45,000 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

Exceptional investment opportunity featuring a 45,000-square-foot Tops Friendly Markets grocery store and gas station located at 3949 Lockport Olcott Rd, Lockport, NY 14094. This fee-simple property boasts a new 10-year lease extension, extending the lease through December 30, 2034, providing a stable, long-term income stream. The absolute triple-net (NNN) lease with a corporate guarantee from Tops Markets, LLC, a leading grocer in upstate New York with 149 locations, minimizes landlord responsibilities. Tops has occupied this location since December 29, 1993, demonstrating a significant commitment to the site. The property features a 6.15% cap rate and a $375,000 net operating income (NOI). Situated on a 5.6-acre lot, the property includes 238 parking spaces, three gas pumps, and an additional 10,000-square-foot building subleased to Wrights Corners. The property benefits from high visibility with over 970 feet of frontage and enjoys a prime location with limited competition, being 4.2 miles from the nearest competing grocery store. Its proximity to Buffalo Niagara International Airport and Niagara Falls State Park further enhances its appeal. The lease includes rental increases every five years, offering inflation protection. This property presents a compelling investment opportunity with significant upside potential due to its strong fundamentals and strategic location. The asking price is $6,100,000, resulting in a price per square foot of $135.56. The property consists of two, one-story buildings built in 1993. Lease options include 4 and 5-year extensions.