Kinney Drugs
Hamilton, NY
Key Details
| Price: | $3,244,119 |
|---|---|
| Cap Rate: | 7.75% |
| Annual Rent: | $251,419 |
| Address: | 103 Utica Street, Hamilton, New York 13346 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 25 Years |
|---|---|
| Lease Commencement: | 10/1/2004 |
| Lease Expiration: | 9/30/2029 |
| Lease Term Remaining: | 4.8 Years |
| Rental Increases: | 5.00% in Option |
| Lot Size: | 2.21 Acres |
| Building Size: | 11,550 SF |
| Year Built: | 2004 |
NNN Pro is pleased to present the exclusive listing for a Kinney Drugs located at 103 Utica Street, Hamilton, New York 13346. The site consists of roughly 11550 rentable square feet of building space on an estimated 2.21-acre parcel of land. This Kinney Drugs is subject to a 25-year Double Net (NN) lease, which commenced 10/1/2004. The current annual rent is $251,419 and has scheduled increases of 5.00% in Option.
About the Investment
- Proximity to Colgate University | The subject property is just 0.8 miles away from Colgate University with an enrollment of 3,200 students. Colgate is consistently ranked as one of the best liberal arts colleges in the country and attracts students from all over the world.
- Excellent Positioning on Utica Street | The subject property benefits from its frontage on Utica Street, one of the main roads in town that brings over 8,500 vehicles to the property daily.
- Very Strong Store Sales and Percentage Rent | 2023 sales were just under 10M and Kinney pays percentage rent (see page 5 for breakdown)
- Close to Community Memorial Hospital | Community Medical Hospital is located just 1.5 miles away. The hospital has 25 beds and serves Madison County and the surrounding areas with a wide range of medical services, including 24/7 emergency care, surgeries, diagnostic imaging, and laboratory work.
- Strong Corporate Guarantee | The lease is guaranteed by Kinney Drugs, a chain of 100 units located throughout New York and Vermont.
- Affluent Community | The average household income is over $94,000 within a three-mile radius of the subject investment property.
Key Details
| Price: | $3,244,119 |
|---|---|
| Cap Rate: | 7.75% |
| Annual Rent: | $251,419 |
| Address: | 103 Utica Street, Hamilton, New York 13346 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 25 Years |
|---|---|
| Lease Commencement: | 10/1/2004 |
| Lease Expiration: | 9/30/2029 |
| Lease Term Remaining: | 4.8 Years |
| Rental Increases: | 5.00% in Option |
| Lot Size: | 2.21 Acres |
| Building Size: | 11,550 SF |
| Year Built: | 2004 |
Talk to the Pros
Cassandra Mosser
cmosser@nnnpro.com
License: AZ: SA677563000
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.