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408 State Route 3

4,373 SF Retail Building Plattsburgh, NY 12901 $3,652,000 ($835/SF) 5.75% Cap Rate

Restaurants New York Plattsburgh 408 State Route 3, Plattsburgh, NY 12901

Investment Highlights

  • Only 5 minutes from UVM Health Network - Champlain Valley Hospital, Plattsburg's largest employer with 2,100 employees and nearby accommodations
  • Great visibility from NY Hwy-3 and adjacent to I-87 & NY Hwy-3 access point
  • Located in the heart of Plattsburg's main retail corridor with affluent surrounding area
  • Less than 3 miles from State University of New York-Plattsburg with 4,417 students and 1,268 employees
  • ±17,147 and 32,969 Vehicles Per Day
  • Near by destination retailers include Walmart, Lowe's, Sam's Club, Target, Aldi, Five Guys, Pizza Hut Chipotle and more

Executive Summary

This property, constructed in 2020 as a build-to-suit for Panera, is designed to optimize store performance. It offers a desirable lease term with 10.5 years remaining, plus four 5-year tenant renewal options. The lease includes 8% rental increases every five years and is an Absolute NNN Lease with no landlord responsibilities, making it an ideal management-free investment for a passive investor. With over 2,130 locations across the U.S., Panera LLC has committed to this site with a corporate lease and drive-thru, reflecting their long-term investment in the location.

Attachments

Panera Bread_Plattsburg NY OM

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,373 SF
Building Class
B
Year Built
2020
Price
$3,652,000
Price Per SF
$835
Cap Rate
5.75%
NOI
$209,990
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Land Acres
1.07 AC
Zoning
C - Commercial
Parking
38 Spaces (8.69 Spaces per 1,000 SF Leased)
Frontage
153 FT on State Route 3

Amenities

  • Drive Thru
  • Air Conditioning
1 of 1
408 State Route 3, Plattsburgh, NY - aerial map view

Nearby Major Retailers

Buffalo Wild Wings
Rent-A-Center
Perkins
Five Guys
WW
Keybank
Texas Roadhouse
ALDI
HSBC
Community Bank

PROPERTY TAXES

Parcel Number 094200-206-004-0003-012-000-0000 Improvements Assessment $854,400
Land Assessment $545,600 Total Assessment $1,400,000

PROPERTY TAXES

Parcel Number
094200-206-004-0003-012-000-0000
Land Assessment
$545,600
Improvements Assessment
$854,400
Total Assessment
$1,400,000
(314) 994-4186

  • Listing ID: 32826552

  • Date on Market: 8/15/2024

  • Last Updated:

  • Address: 408 State Route 3, Plattsburgh, NY 12901

More public record information on 408 State Route 3, Plattsburgh, NY 12901

The Retail Property at 408 State Route 3, Plattsburgh, NY 12901 is currently available For Sale. Contact NAI DESCO for more information.

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408 State Route 3
(314) 994-4186 x

408 State Route 3

Stephen Gwinnup

(314) 994-4186

(314) 994-4186

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