34 Main StSodus, NY 14551

Property Details for 34 Main St

Year built

2000

Lot size

0.27 AC

Property size (Sq ft)

12,148 SF

Zone code

R

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

544201 69117-05-237972

APU

5442016911705237972

Description

This exceptional retail investment opportunity presents a 26,439 square foot shopping center in Sodus, NY, anchored by a CVS Pharmacy with a recently extended lease and a 22+ year operational history at this location. The property boasts a strong tenant roster, including Subway and Hernandez Mexican Grocer, all of whom have extended their leases within the past year. Currently operating at 80% occupancy, there's significant upside potential in the remaining 5,200 square feet of vacant space, with prior interest at approximately $3.50 per square foot. The property sits on a 1.977-acre lot and features a Net Lease (NN+) structure with a corporate guarantee from the anchor tenant. The current Net Operating Income (NOI) is $174,829, with a pro-forma NOI of $200,000, yielding an 8.0% cap rate and a pro-forma cap rate of 9.15%. The asking price is $2,185,362, translating to $82.66 per square foot. The property benefits from a permitted R zoning and underwent renovations in 2022. The existing leases have a remaining term of 11.2 years, with one tenant holding a five-year lease option. The property's location on 34 W Main St in Sodus, NY (14551) places it in close proximity to other established businesses, including Family Dollar, Advance Auto Parts, KeyBank, and the USPS. This is a value-add opportunity with a stabilized investment profile, offering a compelling return on investment for the discerning buyer.

• CAP approach

  CAP return

  Valuation

  6%

  $2,432,506

  6.5%

  $2,245,390

  7%

  $2,085,005

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,720,220

  Geo Method

  $2,460,250

• Alternative Use

  Use

  Valuation

  Residential

  $2,245,390

  Hospitality

  $2,056,766

  Educational

  $1,711,205

  Medical

  $1,770,056

  Retail

  $2,661,874

Location Insight

City

Sodus

County

Wayne

State

New York

Latitude

43.2367

Longitude

-77.063

CBSA code

40380

CBSA name

ROCHESTER, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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