Property Details for 85 Robinson St

Year built

2015

Lot size

1.36 lot acres

Property size

10,528 SF

Property type

Community centers

Property subtype

Shopping centers

APN

030200 144.83-4-2.2

APU

3020014483422

Description

This exceptional investment opportunity presents a 14,673-square-foot Walgreens pharmacy in Binghamton, NY, boasting a 7.75% cap rate and over 10 years remaining on a corporate-guaranteed net-net lease. The property, built in 2015, sits on a generous 1.36-acre lot at a signalized intersection, offering excellent visibility and accessibility. The lease, commencing March 31, 2020, and expiring March 30, 2035, includes eight 5-year renewal options with built-in rent increases: 5% every 5 years in the initial term, and 10% every 10 years in the first six renewal options, followed by market rate adjustments. The property features 60 parking spaces and is conveniently located across from a Broome County Transit bus stop, providing easy access to downtown Binghamton and the Greater Binghamton Health Center. Its strategic location offers quick access to major roadways, including US-11, NY-7, NY-17, NY-363, I-81, I-86, and I-88. The strong daytime population of 120,058 within a five-mile radius further enhances the investment potential. This single-tenant, single-story building is zoned for large retail outlets (453) and represents a stable, high-performing investment with significant long-term growth potential. The property's strong tenant, favorable lease terms, and prime location make it an attractive addition to any portfolio. The Net Operating Income (NOI) is $293,460. The asking price is $3,786,580, resulting in a price per square foot of $258.06.

Location Insight

City

Binghamton

County

Broome

State

New York

Longitude

-75.8968

Latitude

42.1075

CBSA code

13780

CBSA name

BINGHAMTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments