Cap Rate: 6.50%
Net Operating Income: $50,000
Square Footage: 7,857
Lot Size: .35 AC
This is a unique opportunity to acquire a single tenant corporately guaranteed Family Dollar in Albany, New York. Family Dollar is subject to a net lease with minimal landlord obligations. The lease calls for two, 5 year options to renew with 10% increases every 5 years. Family Dollar has a long operating history at this location and reports strong store sales. The property benefits from strong traffic counts of over 28,000 VPD along Central Avenue.
Albany is the capital of the U.S. state of New York, and the seat and largest city of Albany County. Albany is on the west bank of the Hudson River, about 10 miles (16 km) south of its confluence with the Mohawk River, and about 135 miles (220 km) north of New York City.
The city is known for its architecture, commerce, culture, institutions of higher education, and rich history. It is the economic and cultural core of the Capital District of New York State, which comprises the Albany–Schenectady–Troy Metropolitan Statistical Area, including the nearby cities and suburbs of Troy, Schenectady, and Saratoga Springs. With an estimated population of 1.1 million in 2013, the Capital District is the third most populous metropolitan region in the state. On April 1, 2020, Albany’s population was 99,224.