1645 Columbia TpkeCastleton-on-Hudson, NY 12033

For Sale
$4,579,567

High-performing pharmacy, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 14,564 square foot Walgreens pharmacy located at 1645 Columbia Turnpike, Castleton-on-Hudson, NY 12033. The property sits on a 1.95-acre lot and boasts a 9.00% cap rate with a strong NOI of $412,161. The current lease, a Net Lease (NN) agreement with a credit-rated tenant, expires March 31, 2027, offering 2.4 years of remaining term and five 5-year renewal options with rent bumps of 5% in option 1 and 10% in options 2-5. The building, constructed in 2000, benefits from a high-traffic location along Columbia Turnpike (12,400 vehicles per day) and proximity to Interstate 90 (36,129 vehicles per day). This location, originally a Rite Aid, was converted by Walgreens in 2018, with Walgreens investing over $300,000 in renovations. The property features a drive-thru pharmacy and enjoys a strong demographic profile, with 28,497 people residing within a five-mile radius, boasting an average annual household income of $120,398. Nearby amenities include Tractor Supply Company, USPS, Curtis Lumber Co., Evergreen Country Club, and two new Amazon Fulfillment Centers less than 1.5 miles away. The asking price is $4,579,567, translating to a price per square foot of $314.44. This is a prime retail investment within the Albany MSA, a highly desirable market. The property's current 100% occupancy and strong sales history make it an attractive addition to any portfolio.

Highlights

  • Albany MSA location, ranked #63 in US population.
  • Investment-grade tenant (Walgreens, S&P: BBB-).
  • Drive-thru pharmacy.
  • Walgreens renovated existing store in 2018.
  • Walgreens invested over $300,000 in renovations.
  • High-traffic location on Columbia Turnpike (12,400 VPD).

Property Details for 1645 Columbia Tpke

Property type
Other retail properties, Individual retail properties
Square Feet
14,564 SF
Year Built
2000
Lot Size (sq. ft)
84,942 SF

Location Insight

City
Castleton-on-Hudson
County
Rensselaer
State
New York
Latitude
42.5663018
Longitude
-73.6828195
1645 Columbia Tpke, Castleton-on-Hudson, New York

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1645 Columbia Tpke
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