Current Use by Public Records
- FedEx OnSite / Postal Service / Courier Service
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens Pharmacy / Pharmacy
- LibertyX Bitcoin ATM / Atm
- Redbox / Cinema / (Bike/Boat/Book/etc) Store
Property Details for 5 Transit St
- Lot size
- 2.01 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a 13,905 square foot Walgreens in Lockport, NY, situated on a 2.01-acre lot at a hard corner location with high visibility (over 13,000 vehicles per day). The property is subject to a net lease with a corporate guarantee from Walgreens (NASDAQ: WBA), offering minimal landlord responsibilities. The current lease has five years remaining, with seven additional five-year options. The asking price is $3,587,500, representing a compelling $258 per square foot and a 9.00% cap rate, based on a current net operating income (NOI) of $322,875. The tenant has already exercised their first renewal option, demonstrating a strong commitment to this location. This established Walgreens enjoys a long operating history and is conveniently located less than one mile from downtown Lockport, surrounded by complementary businesses. The property offers excellent ingress and egress, maximizing its high-traffic location. This is a rare opportunity to acquire a stable, high-performing net-leased asset with significant long-term potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lockport
- County
- Niagara
- State
- New York
- Longitude
- -78.6977
- Latitude
- 43.1682
