12 Park DrHornell, NY 14843

Property Details for 12 Park Dr

Year built

2004

Lot size

1.71 AC

Property size (Sq ft)

13,776 SF

Zone code

B-2

Property type

Community centers

APN

460600 166.06-07-046.101

APU

4606001660607046101

Description

This exceptional investment opportunity presents a fee-simple ownership of a 13,813 square-foot Walgreens pharmacy located at 12 Park Dr, Hornell, NY 14843. The property boasts a strong absolute NNN lease with a corporate guarantee from Walgreens, minimizing landlord responsibilities. The lease, originally commencing February 23, 2005, has been extended and currently has approximately 9.4 years remaining, expiring March 30, 2034. Built in 2004, this single-tenant property sits on a 1.71-acre lot with 67 parking spaces and features a convenient drive-thru. The property enjoys a high occupancy rate of 100% and generates a substantial net operating income (NOI) of $337,380, representing a 6.50% cap rate. The asking price is $5,190,000, translating to $375.73 per square foot. The property is zoned B-2 General and benefits from a high-traffic location at the intersection of State Highway 36 and Park Drive, experiencing 20,100 vehicles daily. The trade area is well-supported by a population of 15,000 residents and 9,000 employees, with an average income of $68,983. Future rental increases are built into the lease, with adjustments scheduled for 2025 and 2030. This is a rare opportunity to acquire a stable, high-performing asset with a national tenant in a desirable location. The property's APN is 460600 166.06-07-046.101.

• CAP approach

  CAP return

  Valuation

  6%

  $3,468,825

  6.5%

  $3,201,992

  7%

  $2,973,278

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,246,312

  Geo Method

  $2,183,953

• Alternative Use

  Use

  Valuation

  Residential

  $2,701,000

  Hospitality

  $2,474,102

  Educational

  $2,058,423

  Medical

  $2,129,216

  Retail

  $3,201,992

Location Insight

City

Hornell

County

Steuben

State

New York

Latitude

42.3213

Longitude

-77.6604

CBSA code

18500

CBSA name

CORNING, NY MICROPOLITAN 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].