2084 Ny-208, Montgomery, NY 12549

Property Details for 2084 Ny-208

Year built

2010

Lot size

2.50 lot acres

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple, 13,011 square-foot Walgreens located at 2084 NY-208, Montgomery, NY 12549. The property sits on a generous 2.5-acre lot and benefits from a highly visible location at a fully signalized intersection offering excellent ingress and egress. The absolute NNN lease with Walgreens, a credit-rated tenant, has over 11 years remaining on the base term, plus three 5-year options, ensuring long-term stability. The property boasts consistently strong year-over-year sales growth, as evidenced by the most recent sales report (2023-2024), and recently extended store hours further enhance its performance. Placer.ai data ranks this Walgreens location in the top third nationally and statewide for store visits, underscoring its exceptional performance. The surrounding area demonstrates strong demographics, with an average household income of approximately $100,000 within a one-, three-, and five-mile radius. Furthermore, CoStar projects annual population growth of 1.87% within one mile and 1.54% within three miles from 2023-2028. The property's strategic location near Interstate 84 (53,526 vehicles per day) and its proximity to a 24-hour McDonald's contribute to its high visibility and accessibility. This is a rare opportunity to acquire a high-performing, net-leased Walgreens with significant upside potential. The asking price is $8,615,385, representing a 6.50% cap rate and a price per square foot of $662.16, based on a net operating income (NOI) of $560,000. The building was constructed in 2010. The nearest competing Walgreens is located more than 10 miles away.

Location Insight

City

Montgomery

County

Orange

State

New York

Longitude

-74.207

Latitude

41.514