Cambridge, NY - Walgreens

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, Walgreens investment property located in Cambridge, New York. The tenant, Walgreen Co., has over 14 years remaining on their initial lease with 12 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day.

The Walgreens is located at the signalized, hard corner intersection of N. Park St. and E. Main St with a combined (11,300 VPD). The property is in the center of a primary retail corridor with other nearby national/credit tenants including Dollar General, O’Reilly Auto Parts, Subway, Ace Hardware and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The asset benefits from limited competition in the immediate trade area. The subject property is in close proximity to Cambridge Central High School (394 students), further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 5,000 residents and 1,000 employees. The 5-mile trade area has an average household income of $86,182.