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Drug Store

Walgreens - Strong Sales Location, Hudson Valley

2084 NY-208, Montgomery, NY 12549

Listing Price: $8,615,385

Cap Rate
6.50%
Tenant Name
WALGREEN CO.
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
13,011
Lease Type
Absolute Net
Rent Per Square Feet
$43.04

Investment Overview

Marcus & Millichap is pleased to present Walgreens Montgomery, NY located in the beautiful Hudson Valley approximately 74 miles northwest of the heart of New York City. Approximately 12-years remaining on the absolute triple net lease, there are three, 5-year options. The 13,011+/- square-foot building is situated on a generous 2.5-acre+/- parcel. Walgreens reports strong store sales at this location with consistent year-over-year sales growth over the past five years. Average Household Incomes range from $97K to $110K within one to five miles; there is projected positive annual population growth of 1% per year within 2-miles from 2023 to 2028.
The subject property is located just off Interstate 84 (53,526 vehicles per day) on State Route 208 in close proximity to the Interchange. There are 16,668 vehicles per day past the site. Interstate 84 is the main east west Freeway across the Hudson Valley connecting Scranton, PA with Hartford, CT and the Massachusetts Turnpike.
Montgomery is within the Newburgh Sub-Market and is also known as a distribution hub of New York State. In July, 2023, Tesla announced a planned distribution facility that is projected to employ 300 people. The Newburgh Sub-Market is home to several large freight distribution operations for companies such as Home Depot, Cardinal Health, Con-Way Freight, Fed-Ex, YRC Freight, Staples and Do It Best Corporation. The City of Montgomery is located in Orange County, New York with a population of 404,525 people as of the 2021 United States Census.
Orange County is one of the most attractive areas in the New York metropolitan area offering affordable housing, excellent school systems, a low crime rate, outstanding road, rail and air transportation, minimal congestion, and a wide range of recreational activities offer unique advantages for business and for living. For more information about the area please visit www.ocpartnership.org.

Investment Highlights

  • STRONG Reported Store Sales with Consistent Year-Over-Year Sales Growth Over the Past Five Years
  • High Income Area; AHHI Approximately $100,000 in One, Three, and Five-Miles
  • Annual Projected Population Growth of One Percent Per Year from 2023-2028 within Two-Miles
  • Generous 2.5+/- Acre Parcel Situated at a Fully Signalized Intersection Offering Excellent Ingress and Egress
  • The Nearest Walgreens is 12.5+/- Miles from the Subject Property
  • Approximately 12-Years of Base Lease Term Remaining Plus Three, Five-Year Options

Exclusively Listed By

Broker of Record

  • John Horowitz

    Broker of Record

    (212) 430-5100

    License(s) NY: 10311204479

    New York

Financing By

Drug Store

Walgreens - Strong Sales Location, Hudson Valley

Listing Price: $8,615,385

Cap Rate
6.50%
Tenant Name
WALGREEN CO.
Years Remaining On Lease
11.9
Guarantor
Corporate Guarantee
Rentable SF
13,011
Lease Type
Absolute Net
Rent Per Square Feet
$43.04

Investment Highlights

  • STRONG Reported Store Sales with Consistent Year-Over-Year Sales Growth Over the Past Five Years
  • High Income Area; AHHI Approximately $100,000 in One, Three, and Five-Miles
  • Annual Projected Population Growth of One Percent Per Year from 2023-2028 within Two-Miles
  • Generous 2.5+/- Acre Parcel Situated at a Fully Signalized Intersection Offering Excellent Ingress and Egress
  • The Nearest Walgreens is 12.5+/- Miles from the Subject Property
  • Approximately 12-Years of Base Lease Term Remaining Plus Three, Five-Year Options

Investment Overview

Marcus & Millichap is pleased to present Walgreens Montgomery, NY located in the beautiful Hudson Valley approximately 74 miles northwest of the heart of New York City. Approximately 12-years remaining on the absolute triple net lease, there are three, 5-year options. The 13,011+/- square-foot building is situated on a generous 2.5-acre+/- parcel. Walgreens reports strong store sales at this location with consistent year-over-year sales growth over the past five years. Average Household Incomes range from $97K to $110K within one to five miles; there is projected positive annual population growth of 1% per year within 2-miles from 2023 to 2028. The subject property is located just off Interstate 84 (53,526 vehicles per day) on State Route 208 in close proximity to the Interchange. There are 16,668 vehicles per day past the site. Interstate 84 is the main east west Freeway across the Hudson Valley connecting Scranton, PA with Hartford, CT and the Massachusetts Turnpike. Montgomery is within the Newburgh Sub-Market and is also known as a distribution hub of New York State. In July, 2023, Tesla announced a planned distribution facility that is projected to employ 300 people. The Newburgh Sub-Market is home to several large freight distribution operations for companies such as Home Depot, Cardinal Health, Con-Way Freight, Fed-Ex, YRC Freight, Staples and Do It Best Corporation. The City of Montgomery is located in Orange County, New York with a population of 404,525 people as of the 2021 United States Census. Orange County is one of the most attractive areas in the New York metropolitan area offering affordable housing, excellent school systems, a low crime rate, outstanding road, rail and air transportation, minimal congestion, and a wide range of recreational activities offer unique advantages for business and for living. For more information about the area please visit www.ocpartnership.org.

Exclusively Listed By

Broker of Record

  • John Horowitz

    Broker of Record

    (212) 430-5100

    License(s): NY: 10311204479

    New York

Financing By

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