Syracuse, NY - WellNow Urgent Care

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased WellNow Urgent Care property located in Syracuse, New York. The tenant, WellNow Urgent Care, has over 3 years remaining on the current lease term, which includes 3 (5-year) renewal options and scheduled rental increases, supporting long-term NOI growth and providing a hedge against inflation. The lease is NN, with the tenant responsible for property taxes, insurance, and all operating expenses. The landlord is only responsible for maintaining the roof and structure, making this a low-maintenance investment ideal for out-of-state buyers seeking reliable, passive income.

The lease is backed by a corporate guarantee from WellNow Urgent Care, one of the five largest urgent care providers in the U.S., operating over 165 locations. The company generated an estimated $470.6 million in revenue in 2024, a 12% increase year-over-year, reflecting the brand’s continued growth and operational strength. The property is positioned at a signalized hard-corner intersection at Thompson Road (18,800 VPD) and Exeter Street (4,700 VPD), just 2.7 miles from I-690 (96,000 VPD), a major regional thoroughfare. Located in a dense retail corridor surrounded by national retailers such as Wegmans, Dunkin’, and Burger King, the site benefits from strong tenant synergy and consistent cross-shopping traffic. Additionally, according to Placer.AI, the location attracts over 63,000 annual visitors, ranking in the top 87th percentile nationally, 85th percentile in New York and 85th percentile in a 15 mile radius among comparable WellNow locations. The asset is situated within the Syracuse MSA, which includes Onondaga, Oswego, and Madison counties and is home to a population exceeding 650,000.