342 Park Ave Corning, NY 14830-3436
- Turn key restaurants
- 1,174 SF
- 1.57 lot acres
Current Use by Public Records
- Turn key restaurants
Property Details for 342 Park Ave
- Year built
- 1975
- Lot size
- 1.57 lot acres
- Property size
- 1,174 SF
- Zone code
- CONF
- Property type
- Turn key restaurants
- APN
- 463803 318.18-01-059.000
- APU
- 4638033181801059000
Description
This exceptional investment opportunity presents a brand-new, 10,640-square-foot Dollar General store in South Corning, NY. Built in 2024 to the tenant's specifications, this single-tenant property boasts a 15-year absolute NNN lease commencing October 1, 2024, and expiring September 30, 2039, with three 5-year options. The lease includes a 10% rent increase in the options and a 5% increase every 5 years during the primary term. The property features a 6.85% cap rate and a substantial net operating income (NOI) of $128,306. Situated on a 1.56-acre lot at 342 Park Ave, this location benefits from high visibility and accessibility, with over 9,000 vehicles passing daily. The strong corporate guarantee from Dollar General Corporation, a Fortune 500 company with a BBB S&P rating and a $28 billion market cap, ensures a secure investment. The property's location within a 10-mile radius of over 43,000 residents with an average household income exceeding $92,000 further enhances its appeal. Excellent connectivity to major highways, including Interstate 86, State Routes 17, 225, 352, and 414, provides convenient access for customers and suppliers. The asking price is $1,873,086, translating to $176.04 per square foot. This is a fee-simple ownership opportunity with zero landlord responsibilities, making it an ideal investment for those seeking a passive income stream. The property is zoned commercial.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $185,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $150,000
- 6.5%
- $165,000
- 7%
- $175,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $190,000
- Geo Method
- $170,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $135,000
- Retail
- $160,000
- Mixed-Use
- $150,000
- Hospitality
- $135,000
- Educational
- $135,000
- Residential Income
- $145,000
- Energy
- $160,000
- Income-Based Land
- $150,000
- Food Service
- $150,000
Location Insight
- Map
- Local Demand
- City
- Corning
- County
- Steuben
- State
- New York
- Longitude
- -77.0358
- Latitude
- 42.1308
- CBSA code
- 18500
- CBSA name
- CORNING, NY MICROPOLITAN STATISTICAL AREA
