1645 Columbia TpkeCastleton-on-Hudson, NY 12033

Property Details for 1645 Columbia Tpke

Year built

2007

Lot size

1.95 AC

Property size (Sq ft)

14,653 SF

Zone code

HC

Property type

Investment properties

Property subtype

Retail residential properties

APN

384489 189.-5-1.12

APU

3844891895112

Description

This exceptional investment opportunity presents a 14,564 square foot Walgreens pharmacy located at 1645 Columbia Turnpike, Castleton-on-Hudson, NY 12033. The property sits on a 1.95-acre lot and boasts a 9.00% cap rate with a strong NOI of $412,161. The current lease, a Net Lease (NN) agreement with a credit-rated tenant, expires March 31, 2027, offering 2.4 years of remaining term and five 5-year renewal options with rent bumps of 5% in option 1 and 10% in options 2-5. The building, constructed in 2000, benefits from a high-traffic location along Columbia Turnpike (12,400 vehicles per day) and proximity to Interstate 90 (36,129 vehicles per day). This location, originally a Rite Aid, was converted by Walgreens in 2018, with Walgreens investing over $300,000 in renovations. The property features a drive-thru pharmacy and enjoys a strong demographic profile, with 28,497 people residing within a five-mile radius, boasting an average annual household income of $120,398. Nearby amenities include Tractor Supply Company, USPS, Curtis Lumber Co., Evergreen Country Club, and two new Amazon Fulfillment Centers less than 1.5 miles away. The asking price is $4,579,567, translating to a price per square foot of $314.44. This is a prime retail investment within the Albany MSA, a highly desirable market. The property's current 100% occupancy and strong sales history make it an attractive addition to any portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $4,513,640

  6.5%

  $4,166,437

  7%

  $3,868,834

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,987,517

  Geo Method

  $2,967,570

• Alternative Use

  Use

  Valuation

  Residential

  $4,166,437

  Hospitality

  $3,816,434

  Educational

  $3,175,228

  Medical

  $3,284,429

  Retail

  $4,939,244

Location Insight

City

Castleton

County

Rensselaer

State

New York

Latitude

42.5665

Longitude

-73.6829

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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