103 Utica St Hamilton, NY 13346-1100

Property Details for 103 Utica St

Year built

2004

Lot size

2.27 lot acres

Property size

11,232 SF

Property type

Community centers

APN

253203 153.19-1-36

APU

25320315319136

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving Kinney Drugs pharmacy located at 103 Utica St, Hamilton, NY 13346. The property boasts 11,550 square feet on a 2.21-acre lot, built in 2004. Currently operating under a Net Lease (NN) agreement with a corporate guarantee from Kinney Drugs, the lease commenced October 1, 2004, and expires September 30, 2029, leaving approximately 4.9 years remaining. The annual net operating income (NOI) is $251,419, representing a 7.75% cap rate on the asking price of $3,244,119. The property benefits from a strong location on Utica Street, a main thoroughfare with over 8,500 vehicles passing daily. Its proximity to Colgate University (0.8 miles) and Community Memorial Hospital (1.5 miles) contributes to high foot traffic and a stable customer base. The affluent community, with an average household income exceeding $94,000 within a three-mile radius, further enhances the investment's appeal. The Kinney Drugs location demonstrates very strong sales, exceeding $10 million in 2023, including percentage rent. The lease includes scheduled rent increases of 5% in the remaining 5-year option period. This is a single-tenant, 100% occupied property offering a secure and lucrative investment opportunity.