12 Park Dr Hornell, NY 14843

Property Details for 12 Park Dr

Year built

2004

Lot size

1.71 lot acres

Property size

13,776 SF

Zone code

B-2

Property type

Community centers

APN

460600 166.06-07-046.101

APU

4606001660607046101

Description

This exceptional investment opportunity presents a fee-simple ownership of a 13,813 square-foot Walgreens pharmacy located at 12 Park Dr, Hornell, NY 14843. The property boasts a strong absolute NNN lease with a corporate guarantee from Walgreens, minimizing landlord responsibilities. The lease, originally commencing February 23, 2005, has been extended and currently has approximately 9.4 years remaining, expiring March 30, 2034. Built in 2004, this single-tenant property sits on a 1.71-acre lot with 67 parking spaces and features a convenient drive-thru. The property enjoys a high occupancy rate of 100% and generates a substantial net operating income (NOI) of $337,380, representing a 6.50% cap rate. The asking price is $5,190,000, translating to $375.73 per square foot. The property is zoned B-2 General and benefits from a high-traffic location at the intersection of State Highway 36 and Park Drive, experiencing 20,100 vehicles daily. The trade area is well-supported by a population of 15,000 residents and 9,000 employees, with an average income of $68,983. Future rental increases are built into the lease, with adjustments scheduled for 2025 and 2030. This is a rare opportunity to acquire a stable, high-performing asset with a national tenant in a desirable location. The property's APN is 460600 166.06-07-046.101.

Location Insight

City

Hornell

County

Steuben

State

New York

Longitude

-77.6604

Latitude

42.3213

CBSA code

18500

CBSA name

CORNING, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments