110 State StHerkimer, NY 13350

Property Details for 110 State St

Year built

1960

Lot size

0.96 AC

Property size (Sq ft)

8,680 SF

Zone code

C

Property type

Investment properties

Property subtype

Retail residential properties

APN

213001 120.25-4-57

APU

21300112025457

Description

This exceptional investment opportunity presents a fee-simple ownership of a 13,798 square foot retail property in Herkimer, NY. The property boasts two buildings situated on a 1.09-acre lot, featuring a Dollar General store as the anchor tenant. The Dollar General lease, a single-tenant, double net (NN) agreement, has approximately 2.5 years remaining on the base term with four, three-year lease options, each including rent bumps. The property also includes an additional building currently housing other businesses. Built in 2002 and renovated in 2012, the property offers 24 parking spaces and enjoys a prime location on a high-traffic section of State Street, with over 23,000 vehicles passing daily. The strong demographics of the area, with over 26,000 people within a 5-mile radius and an average annual household income exceeding $63,000, contribute to the property's significant potential. The property's location within a thriving retail corridor, near national brands like Lowe's and McDonald's, further enhances its value. This presents a compelling value-add opportunity, with potential for future development or owner-operator use. The asking price is $2,000,000. The property's current net operating income is $59,884. This is a Class A property with excellent visibility and strong tenant occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $2,673,746

  6.5%

  $2,468,073

  7%

  $2,291,782

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,769,716

  Geo Method

  $1,757,900

• Alternative Use

  Use

  Valuation

  Residential

  $2,468,073

  Hospitality

  $2,260,742

  Educational

  $1,880,910

  Medical

  $1,945,598

  Retail

  $2,925,861

Location Insight

City

Herkimer

County

Herkimer

State

New York

Latitude

43.0255

Longitude

-74.9848

CBSA code

46540

CBSA name

UTICA-ROME, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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