5 Main St - Drug Store FOR SALE


Queensbury, NY 12804
$4,964,784 USD
619-297-0055
5 Main St, Queensbury, NY for Sale
$4,964,784 USD
Drug Store - FOR SALE
1/2
null | 7.65% Cap Rate

5 Main St
Queensbury, NY 12804


HIGHLIGHTS

  • CVS has been at this location since 1996 and renewed its 2nd option period at escalated rents.
  • CVS has 8% rental increases in the next option, and Total Care has 20% rental increases in options 2 and 3, providing a hedge against inflation.
  • CVS sales have steadily increased by over $4.8 million in the last 5 years.
  • Glens Falls Hospital, located 1 mi E, serves patients across 5 counties in the area and is the region's largest employer.
  • There are over 3.7M sf of retail space within 2 miles of the property, serving as the primary shopping and retail destination for Warren County.
  • Total Care recently signed a new lease and funded a $150,000 remodel of the space.

OVERVIEW

We are pleased to market for sale the CVS-anchored two-tenant property located at 5 Main St, Queensbury, NY 12804 ("The Property"). CVS has been at this location since 1996 and has renewed its second option period at escalated rents. Total Care has been in operation since 1997 and has recently signed a new lease and completed a $150,000 remodel of its space, which demonstrates both tenants' long-term commitment to the location. CVS reports strong sales at this location, with a steady increase of over $4.8 million in the last five years. The CVS lease structure includes 8% rental increases in the upcoming option period, while the adjacent Total Care tenant benefits from 20% increases in its second and third options, providing strong income growth for ownership. The Property is located 1 mile from Glens Falls Hospital, the largest employer in the region, which serves patients across a five-county region spanning 6,000 square miles of New York’s Adirondack Mountains. With over 3.7 million square feet of retail space within a 2-mile radius of the Property, Queensbury functions as the primary retail hub for Warren County, drawing a steady customer base. Strategically positioned along Main Street, the Property has direct visibility to more than 17,600 vehicles per day, with additional exposure from its proximity to Interstate 87, which connects Montreal to the north and Albany to the south, carrying over 44,500 vehicles per day. Listed in conjunction with Brian Brockman, Bang Realty - New York Inc, 513-898-1551, wg@bangrealty.com, NY DRE Lic. 10311208985.

FOR SALE DETAILS

PRICE

$4,964,784 USD

PRICE/SF

$566 USD /SF

CAP RATE

7.65%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS & Total Care Rental Incrs No Rent Holiday

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1996

SPRINKLERS

-

PARKING SPACES

30

LAND DETAILS

LAND ACRES

2.01 AC

LAND SF

87,556 SF

ZONING

07

APN/PARCEL ID

523200-298-015-0001-003-002-0000

ASK ABOUT THIS PROPERTY

Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

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Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.