Chain Pharmacy, New York State, USA

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Chain Pharmacy, New York State, USA

$2,069,000
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  • Yield
    7.25%
  • Rental rate (m²/month)
    $9.7
  • Built in 
    1996
Details
Property parameters
  • Leasable area: 1,292 m²
  • Land area: 8,660 m²
  • Number of parking lots: 50
  • 1-floor building
Tenants
  • Fully let
  • End of lease: 2026
Transaction costs
  • Broker: 3.0%
Features
  • Street retail

Chain pharmacy in New York State.

Description

The detached one-storey building with a leasable area of 1,292 m².

Financial performance

The annual income is 150,000 $.

The yield is 7.25%.

Tenants

The building is fully let. The tenant is the largest pharmacy chain in the United States with nearly 10,000 branches.

Lease term — 6.5 years with extension options 3x5 years.

NNN lease.

The tenant has been in the building for about 25 years.

Transaction costs

The brokerage fee is 3%.

Location and nearby infrastructure

The property is located in New York State, in a town of approximately 15,000 residents, 20 kilometers from Buffalo.

The building is located in the heart of the town — on the main thoroughfare leading to downtown Buffalo. Retail tenants in the area include Tops Friendly Market grocery store, Dairy Queen, Citizens Bank, McDonald's, Rite Aid, Little King, and 7-Eleven. There is also a large shopping center 6 km from the building with well-known anchor tenants.

Micro-location is a residential and business area of ​​the settlement, within a radius of 5 miles (8 km),141 thousand people (about 61 thousand households) live with an average family income of $ 77,000. The attractiveness of the location for the tenant is due to the proximity of 2 public transport stops (100 and 170 m), two highways (about 46 thousand cars per day) and good educational infrastructure (3 schools within a radius of 1 km), which makes micro-location available to residents and employees of nearby enterprises.

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