Cap Rate: 5.00%
Net Operating Income: $189,558
Square Footage: 10,125
This is a rare CVS/pharmacy absolute net leased offering in Schenectady, New York. The lease calls for zero landlord obligations with two, 5-year options with substantial increases in rent at each option. The asset is well situated on a major commercial thoroughfare and has excellent access and visibility. This CVS/pharmacy has a drive-thru pharmacy and experiences a high volume of traffic with 15,987 VPD along State Street. This site is next to Lowe’s, Target, and Marshall’s anchored Mohawk Commons shopping mall. Other neighboring tenants include Ulta Beauty, Party City, Bed Bath & Beyond, Chipotle, Wendy’s, and more.
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135. The name “Schenectady” is derived from the Mohawk word skahnéhtati, meaning “beyond the pines”. Schenectady was founded on the south side of the Mohawk River by Dutch colonists in the 17th century, many of whom were from the Albany area. The Dutch transferred the name “Skahnéhtati” which is in reality the Mohawk name for Albany, New York.