241 Mohawk Avenue Scotia, NY 12302

Property Details for 241 Mohawk Avenue

Property type

Retail properties

Description

This is a rare CVS/pharmacy absolute NNN leased offering in Scotia, New York. The original 25 year lease calls for zero landlord obligations There are scheduled increases in rent after 10 years, 20 years, and every 5 years thereafter. Beyond the initial term, there are four 5 year renewal options followed by one 3 year renewal option. The lease is guaranteed by CVS Health. Scotia is a village adjacent to Schenectady, NY and part of the Albany MSA in Upstate New York. The asset is well situated on a major commercial thoroughfare and has excellent access and visibility at a signalized intersection. There is a drive through and ingress and egress from both Mohawk Avenue and Glen Avenue to the rear of the lot. The site has served as a pharmacy since the mid-1990’s. Originally a Brooks Pharmacy that was taken over by CVS, this is a complete teardown and rebuild of the older, functionally obsolete building. The old building had no drive-thru and no stockroom. It was poorly lit and had deferred maintenance yet was doing nearly $11 Million in annual sales. The new building was completed in 2018 along with the acquisition and assemblage of several additional lots to create ample parking and make way for the drive-thru. There are no kickouts and no rent holidays. Location Description Scotia is a village in Schenectady County, New York, United States, incorporated in 1904. The population was 7,272 at the 2020 census. Scotia is part of the town of Glenville, and is connected with the city of Schenectady by the Western Gateway Bridge over the Mohawk River

Location Insight

City

Scotia

County

State

New York

Longitude

-73.9731

Latitude

42.8291