39 Park St Owego, NY 13827

Property Details for 39 Park St

Year built

1997

Lot size

1.11 lot acres

Property size

10,125 SF

Property type

Retail properties

Property subtype

Drug stores

Description

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.

Location Insight

City

Owego

County

Tioga

State

New York

Longitude

-76.2634

Latitude

42.1026