869 2Nd AveTroy, NY 12182

Property Details for 869 2Nd Ave

Year built

2009

Lot size

1.91 AC

Property size (Sq ft)

15,562 SF

Zone code

B3

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

381700 70.80-3-3

APU

381700708033

Description

This fee-simple retail property offers a compelling investment opportunity. The 14,673 square foot Walgreens, built in 2008 and situated on a 1.91-acre lot at 869 2nd Ave, Troy, NY 12182, boasts a 9.50% cap rate and a strong NOI of $599,014. The asking price is $6,305,410. The property features a preferred double drive-through and benefits from a Net Lease (NN) structure with a single tenant. Walgreens has a remaining lease term of 4.5 years, with four 5-year renewal options, each including a ±5% rent increase. This location is strategically positioned within the Albany MSA, a thriving market with a large and growing population. Its proximity to Samaritan Hospital (a 277-bed facility), Rensselaer Polytechnic Institute, and Hudson Valley Community College further enhances its appeal. The property enjoys high visibility and convenient access to major roadways, including Interstate 787 and the Waterford Bridge, ensuring significant traffic flow. Walgreens rebranded this location in 2019, solidifying its commitment to the site. This investment presents a rare opportunity to acquire a high-performing, net-leased property in a desirable location with a strong tenant and significant growth potential. The property is located in Rensselaer County.

• CAP approach

  CAP return

  Valuation

  6%

  $4,793,644

  6.5%

  $4,424,902

  7%

  $4,108,838

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,172,848

  Geo Method

  $3,151,663

• Alternative Use

  Use

  Valuation

  Residential

  $4,424,902

  Hospitality

  $4,053,187

  Educational

  $3,372,204

  Medical

  $3,488,179

  Retail

  $5,245,650

Location Insight

City

Troy

County

Rensselaer

State

New York

Latitude

42.7876

Longitude

-73.6721

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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