103 Utica StHamilton, NY 13346

Property Details for 103 Utica St

Year built

2004

Lot size

2.27 AC

Property size (Sq ft)

11,232 SF

Property type

Community centers

APN

253203 153.19-1-36

APU

25320315319136

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving Kinney Drugs pharmacy located at 103 Utica St, Hamilton, NY 13346. The property boasts 11,550 square feet on a 2.21-acre lot, built in 2004. Currently operating under a Net Lease (NN) agreement with a corporate guarantee from Kinney Drugs, the lease commenced October 1, 2004, and expires September 30, 2029, leaving approximately 4.9 years remaining. The annual net operating income (NOI) is $251,419, representing a 7.75% cap rate on the asking price of $3,244,119. The property benefits from a strong location on Utica Street, a main thoroughfare with over 8,500 vehicles passing daily. Its proximity to Colgate University (0.8 miles) and Community Memorial Hospital (1.5 miles) contributes to high foot traffic and a stable customer base. The affluent community, with an average household income exceeding $94,000 within a three-mile radius, further enhances the investment's appeal. The Kinney Drugs location demonstrates very strong sales, exceeding $10 million in 2023, including percentage rent. The lease includes scheduled rent increases of 5% in the remaining 5-year option period. This is a single-tenant, 100% occupied property offering a secure and lucrative investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $4,101,598

  6.5%

  $3,786,091

  7%

  $3,515,656

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,723,143

  Geo Method

  $3,698,284

• Alternative Use

  Use

  Valuation

  Residential

  $3,193,709

  Hospitality

  $2,925,420

  Educational

  $2,433,916

  Medical

  $2,517,622

  Retail

  $3,786,091

Location Insight

City

Hamilton

County

Madison

State

New York

Latitude

42.8324

Longitude

-75.5501

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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].