Walgreens

12 Park Drive, Hornell, NY 14843

$5,398,000

Cap Rate 6.25%

Views: 23 DOM: 91 Updated: 04.12.24 Posted: 02.16.24 Status: Active

Summary

Price $5,398,000	Built/Renov 2004	Tenant Walgreens
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 13,813	Lease Start 02-24-2005	#Units 8,896
Price/SF $390.79	Expiration 03-31-2034	Tenant Type Pharmacy
NOI $337,380	R. Term 9.10	Ownership Fee Simple
Rent/SF $24.42	Increases 2.1%/1/yrs	Pop 5Mi 15,055
Lot/AC 1.71	Options 3/5yrs/1.97%	AHHI 5Mi $68,983

Lease Highlights

Walgreens has been operating in this location since 2004
The tenant has 10 years remaining on the current lease term with 2 (5-year) and 1 (16-month) options to extend
The lease features fluctuating rental increases throughout the initial term and each option period
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Walgreen is strategically located at the signalized, hard corner intersection of State Highway 36 and Park Drive, with access to a combined daily traffic count of 20,100 vehicles. The property benefits from a large monument sign, creating excellent visibility along both cross streets. Additionally, it is ideally situated as an outparcel to Hornell Railroad Centre, a shopping center anchored by...

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Key Features

Signalized intersection
In location for years
Dense retail corridor
Near major nationals
Long operation history
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Hornell, New York Zip Code 14843 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:8,896
Tenant S&P: BBB-
Moody’s: Baa2
Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,752	10,108	14,823
2023 Total Population :	7,848	10,247	15,055
2023 Employed Civilian Pop :	2,933	3,866	5,888
2023 Total Businesses :	278	431	566
2023 Average Household Income :	$ 59,288	$ 63,167	$ 68,983
2023 Total Consumer Spending :	$ 180 M	$ 248 M	$ 396 M
2023 Median Age :	38	41	42
2023 Total Households :	3,450	4,484	6,513
2023 Pop Age 25+: Bachelor's Degree :	450	732	1,219
2023 Average Home Value :	$ 121,596	$ 140,183	$ 146,795

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Maple City Drive N		2018	13,476	0.07 mi
	Center St	2021	4,824	0.09 mi
Maple City Drive N		2018	9,105	0.13 mi
	Grand St	2021	388	0.13 mi
	Canisteo St	2021	1,393	0.17 mi
	Crosby St	2021	341	0.20 mi
NY 36	Canisteo St	2021	15,580	0.21 mi
	Elm St	2021	560	0.22 mi
	O'Connor Ave	2021	719	0.23 mi
Elm Street	Center Aly	2021	3,915	0.25 mi

Listing Broker

Britt Raymond

SRS National Net Lease Group

Contact

90 Listings
3930 Views
26 Sold

Kyle Fant

SRS National Net Lease Group

Contact

82 Listings
3736 Views
23 Sold

Britt Raymond

Britt Raymond is a Managing Director and Market Leader of New York Capital Market. Britt spearheads efforts to grow SRS’s presence across the northeast. She also advises owners of net lease assets and anchored shopping centers nationwide to buy, acquire, or finance. She also provides 1031 Tax Deferred Exchange advisory. She has closed over $2.75 billion in commercial real estate transactions in her career. Britt Raymond joined SRS in 2017 with eight years of commercial real estate experience. S

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Kyle Fant

Kyle joined SRS in 2017 along with his partner Britt Raymond to spearhead the New York City office for the National Net Lease Group and accelerate growth across the east coast. Kyle has over eight years of experience in investment sales of net lease retail, medical, and industrial properties across the country. Kyle spent the first three years of his career in Marcus & Millichap’s flagship Manhattan office where he was able to work and learn from some of the firm’s top transactional brokera

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