Located at 8052 State Route 12, Barneveld, New York in Oneida County, which is less than an hour drive due East from Syracuse, New York and an hour and a half North West of Albany, New York, this Net Leased Rite Aid is now backed by Walgreens as of February 2018. The location has no direct competitors for Walgreens. The next closest Walgreens store
is 15 miles away in Utica, New York. The subject property has a 13,813 sq.ft. pharmacy building that sits on a massive 2.5-acre parcel of land. Plus, the property also has a full-time pharmacy drive-thru window and a Rite Aid Wellness Clinic within the store. This Rite Aid is situated at the hard signalized intersection of North Gage Road and New York Highway-12 and sees a traffic count of more than 11,470 vehicles per day. The immediate area has an average annual household income of over $91,352. The subject property is leased under an Absolute Net Lease that has no landlord responsibilities with almost 13 years are remaining in the lease. The lease includes a flat initial term, including three five-year options with no rent increases. A few local retailers are also present in the surrounding, including Key Bank, Dunkin’ Donuts, and Citgo.
Walgreens serves more than 8 million customers every day in communities across America, and provides the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services, and advice. Walgreens has its presence in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands and operates 8,100 drugstores. The digital business of the company includes Walgreens.com, drugstore.com, Beauty.com, SkinStore.com, and VisionDirect.com.
This investment property is suitable for a 1031 exchange.
Property Details –