39 Park StOwego, NY 13827

Property Details for 39 Park St

Year built

1997

Lot size

1.11 AC

Property size (Sq ft)

10,125 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple interest in a 10,125-square-foot CVS Pharmacy located at 39 Park St, Owego, NY. The property, built in 1997 and renovated in 2022 (including a new parking lot and roof), sits on a 1.11-acre lot and enjoys a prime location with high traffic counts (over 20,997 vehicles daily). The property benefits from a triple-net (NNN) lease with CVS Pharmacy, a credit-rated tenant with a corporate guarantee, providing significant financial stability. The current lease, commencing May 5, 1997, has approximately eight years remaining, followed by two five-year options, each with an 8% rent increase. The strong, long-term operating history (27 years at this location) and recent capital improvements contribute to a compelling 7.00% cap rate and a substantial net operating income (NOI) of $226,446. The property's strategic location in Owego's downtown historic district, near other national and local retailers and the municipal complex, further enhances its value and potential for long-term growth. This is a rare opportunity to acquire a well-established, high-performing retail property with a secure, long-term lease. The asking price is $3,234,940, representing a price per square foot of $319.50.

Location Insight

City

Owego

County

Tioga

State

New York

Latitude

42.1026

Longitude

-76.2634

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].