- New 15 year absolute net lease term.
- 5% rental increases every 5 years in the options.
- Strategic drugstore location across from Walgreens.
- One block from Ellis rehabilitation center and one mile from Ellis Hospital.
Pharma Property Group is pleased to present the opportunity to purchase a CVS in Schenectady, New York17 miles north of Albany. CVS has agreed to a new 15-year lease with 10 (5-year) options to extend. The lease is absolute net with no landlord responsibilities. This new lease allows for rental increases of 5% every five years during the options. Rent will be $300,100 in February 2023.
There is a Walgreens directly across the street north of the subject property making this a strategic location for both drugstores. Subject property includes a drive-thru whereas competing Walgreens does not. There are two major medical facilities near subject property which include Ellis Hospital, a 356-bed facility is one mile north of the CVS which offers emergency, inpatient medical/surgical and psychiatric care for Albany, Saratoga and Schenectady Counties in upstate New York. The second facility is McClellan Street Health Center which offers outpatient services, primary care, short stay rehabilitation and long term care is only one block south of the subject property. Mohawk Harbor is a 60-acre master planned community located two miles north west of the CVS offering 206 apartments, 50 condos, 15 townhouses, 2 hotels, 100,000 square feet of retail and 74,000 square feet of office space, a River Casino and Resort.
General Electric's (GE) administrative core is located in Schenectady and employs ±4,000 people on their 1,300,000 square feet campus. Golub Corporation owns the chains Market 32 and Price Chopper Supermarkets and operates 131 stores in six states in the northeast region with a Price Chopper distribution center occupying approximately 1,062,682 square feet of warehouse space which employs ±700 people. Rotterdam Industrial park 2 miles east of the subject property boasts 6,600,000 million square feet of industrial space. SUNY Schenectady County Community College is 2 miles northwest of the subject property with 5,231 undergraduates and 243 academic staff members. Union College enrolls 2,200+ students with 211 academic staff members and is .09 miles northwest of subject property. This CVS property is 1.4 Miles east of downtown Schenectady and 17 miles Northwest of Albany. Solid demographics with ±149,727 residents in a 5-mile radius and a median household income of $83,580 in a 1-mile radius. There is a population of over 899,286 in the Albany-Schenectady-Troy MSA.