100 Lake Blvd Mahopac, NY 10541

Property Details for 100 Lake Blvd

Year built

1970

Lot size

1.00 lot acres

Property size

10,402 SF

Property type

Drug stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a CVS Pharmacy located at 100 E Lake Blvd, Mahopac, NY 10541. The property boasts a 10,402 square foot building on a one-acre lot, constructed in 1970. A recent 20-year lease extension, executed in October 2021, ensures a long-term, stable income stream extending to September 30, 2041. The lease is a triple-net (NNN) structure, minimizing landlord responsibilities. The tenant, CVS Pharmacy, is a credit-rated, investment-grade corporation with a strong financial standing, providing significant security. The property benefits from a 6.25% cap rate and a current Net Operating Income (NOI) of $190,750. The lease includes three five-year renewal options with a 5% rent increase at each option. This high-performing location has consistently generated sales exceeding $15 million annually and is situated in a prime location with high traffic volume (average daily traffic exceeding 20,000 vehicles) at the corner of Route 6 and E Lake Blvd. The strong demographics of the area, with household incomes over $100,000, further enhance the investment's appeal. The tenant recently invested in property improvements, including parking lot resurfacing. This is a rare opportunity to acquire a stable, long-term, passive income-generating asset backed by a nationally recognized brand. The asking price is $3,052,000.