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.

Location Insight

City

Mahopac

County

Putnam

State

New York

Longitude

-73.7293056

Latitude

41.3737049