3948 Ny-281 Cortland, NY 13045
- Retail properties
- 14,800 SF
- 1.40 lot acres
Current Use by Public Records
- Retail properties
Property Details for 3948 Ny-281
- Year built
- 2006
- Lot size
- 1.40 lot acres
- Property size
- 14,800 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a 14,800 square foot Walgreens located at a major intersection in Cortland, NY, on a prominent retail corridor. The property sits on a 1.4-acre lot and boasts 100% occupancy with a strong, credit-rated tenant under an absolute triple-net (NNN) lease with 7.3 years remaining until the first termination option (February 29, 2032). The lease is a 75-year agreement with a flat rent, offering significant leasehold value. A percentage rent clause is also included. The property generates a substantial net operating income (NOI) of $380,000, resulting in an attractive 8.00% cap rate and a price per square foot of $320.95. Built in 2006, this strategically located Walgreens benefits from high visibility and excellent access. Nearby amenities include Grand Union Supermarket, Harbor Freight, Pet Supplies Plus, and a concentration of national retailers, auto dealerships, and quick-service restaurants. The property's proximity to SUNY Cortland (5,994 students, 1,000+ employees) and Guthrie Cortland Medical Center (700+ employees) further enhances its value and provides a stable, high-traffic environment. Cortland County's diverse economy, including significant manufacturing and exporting, contributes to the area's robust market. The property is offered for sale at $4,750,000 and is suitable for a 1031 exchange. Lease options are available.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cortland
- County
- Cortland
- State
- New York
- Longitude
- -76.2042
- Latitude
- 42.5979
