39 Park St Owego, NY 13827

This exceptional investment opportunity presents a fee-simple interest in a 10,125-square-foot CVS Pharmacy located at 39 Park St, Owego, NY. The property, built in 1997 and renovated in 2022 (including a new parking lot and roof), sits on a 1.11-acre lot and enjoys a prime location with high traffic counts (over 20,997 vehicles daily). The property benefits from a triple-net (NNN) lease with CVS Pharmacy, a credit-rated tenant with a corporate guarantee, providing significant financial stability. The current lease, commencing May 5, 1997, has approximately eight years remaining, followed by two five-year options, each with an 8% rent increase. The strong, long-term operating history (27 years at this location) and recent capital improvements contribute to a compelling 7.00% cap rate and a substantial net operating income (NOI) of $226,446. The property's strategic location in Owego's downtown historic district, near other national and local retailers and the municipal complex, further enhances its value and potential for long-term growth. This is a rare opportunity to acquire a well-established, high-performing retail property with a secure, long-term lease. The asking price is $3,234,940, representing a price per square foot of $319.50.