2 Park St Cambridge, NY 12816

Property Details for 2 Park St

Year built

2008

Lot size

0.99 lot acres

Property size

11,984 SF

Zone code

MU

Property type

Retail space

APN

535001 256.17-1-24

APU

53500125617124

Description

This exceptional investment opportunity presents a fee-simple ownership of a Walgreens pharmacy in Cambridge, NY. The 11,984 square foot building, constructed in 2008, sits on a 0.99-acre lot with 32 parking spaces and is located at a signalized intersection with high visibility. The property boasts a strong 100% occupancy rate with a corporate-guaranteed, absolute NNN lease. The current lease, commencing October 31, 2023, and expiring October 31, 2038, offers a remaining term of 14 years, with twelve 5-year renewal options. The lease includes scheduled 5% rental increases every five years, providing a hedge against inflation and consistent NOI growth. The property's Net Operating Income (NOI) is $182,760, resulting in a 6.25% cap rate at the asking price of $2,924,000 ($243.99/sq ft). The property is zoned MU (Main Street Mixed Use) and benefits from a strong tenant synergy with nearby national retailers, including Dollar General, O'Reilly Auto Parts, Subway, and Ace Hardware. The location is further enhanced by its proximity to Cambridge Central High School, serving 394 students. The 5-mile trade area boasts a population exceeding 5,000 residents and 1,000 employees, with an average household income of $86,182. This presents a low-management, high-return investment with significant long-term potential. The APN is 535001 256.17-1-24.

Location Insight

City

Cambridge

County

Washington

State

New York

Longitude

-73.3757

Latitude

43.0281

CBSA code

24020

CBSA name

GLENS FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments