301 Mdw Dr North Tonawanda, NY 14120-2819
- Strip malls
- 95,085 SF
- 11.30 lot acres
Jun 12, 2024
Current Use by Public Records
- Tops Pharmacy / Pharmacy
- Tops / Gas Station
- Primo Water Refill & Exchange / Big Box & Wholesale Store
- Western Union / Bank / Credit Union
- Sherwin-Williams Paint Store / Hardware & Home Improvement / Building Supply
Property Details for 301 Mdw Dr
- Year built
- 2004
- Lot size
- 11.30 lot acres
- Property size
- 95,085 SF
- Zone code
- C-1
- Property type
- Strip malls
- Property subtype
- Neighborhood centers
- APN
- 291200 182.05-2-6.11
- APU
- 291200182052611
Description
This exceptional investment opportunity presents a 58,000 square foot, single-tenant grocery store in North Tonawanda, NY. The property, built in 2004 and renovated in 2023, boasts a strong 6.85% cap rate and a substantial NOI of $942,500. Anchored by a credit-rated Tops Market, the property benefits from a long-term NNN lease with 9.7 years remaining until expiration (July 29, 2034), including recent lease extension. The tenant is responsible for roof maintenance and replacement, minimizing landlord responsibilities. Situated on a 4.387-acre lot with 380 parking spaces, the property enjoys high visibility and traffic counts, benefiting from its location within the Mid-City Plaza Shopping Center alongside national retailers such as McDonald's, CVS, and Walgreens. The Tops Market location is a top performer within the chain, ranking #18 nationally in visitation metrics, exceeding 1.1 million site visits in 2022. Northeast Grocery, Inc., the parent company of Tops Market, holds a 'B+' Long-Term Issuer Default Rating from Fitch Ratings. The property's strategic location is within 5 miles of over 129,000 people, 11 miles from downtown Buffalo, and less than 10 miles from Niagara Falls. The asking price is $13,760,000, representing a price per square foot of $237.24. Lease options include 3x5 and 1x4 year extensions. The property includes an on-site fuel center, further enhancing traffic and revenue generation. This is a rare opportunity to acquire a high-performing, well-located, and stable net lease investment.
Value Estimations
-
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $1,805,000 Current use
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Location Insight
- Map
- Local Demand
- City
- North Tonawanda
- County
- Niagara
- State
- New York
- Longitude
- -78.875
- Latitude
- 43.0508
- CBSA code
- 15380
- CBSA name
- BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA
