Market 32 | 709 Central Ave
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Market 32 709 Central Ave
65,000 SF Retail Building Albany, NY 12206 $25,700,000 ($395/SF) 6.35% Cap Rate
Investment Highlights
- New 5 Yr LifeCo Interest Only Debt Available at 67% LV, 6.08% Interest Rate
- New, Fully NNN 15 year lease term through 2038
- Dense population of 123,000 people within 3 miles
- Price Chopper has the dominant market share in the Upstate New York CBSA, and is headquartered just 16.6 miles away in Schenectady, New York
- Lease is secrely backstopped by Golub Corp. and Wakefern Food Corp., a $20 Billion company
Executive Summary
The site has had a long and successful history as a Wakefern ShopRite. Price Chopper recently acquired the site from Wakefern and is spending $1.5mm to convert the ShopRite to their upscale Market 32 concept. Grand opening is June 14th.
Property Facts Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Supermarket
Building Size
65,000 SF
Building Class
B
Year Built
2012
Price
$25,700,000
Price Per SF
$395
Cap Rate
6.35%
NOI
$1,633,096
Tenancy
Single
Building Height
1 Story
Building FAR
0.27
Lot Size
5.53 AC
Zoning
C2 - tracts devoted to various business and office uses
Parking
557 Spaces (8.56 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Wheelchair Accessible
- Air Conditioning
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 010100-064-028-0002-003-001-0000 | Improvements Assessment | $7,009,000 |
| Land Assessment | $1,496,000 | Total Assessment | $8,505,000 |
PROPERTY TAXES
Parcel Number
010100-064-028-0002-003-001-0000
Land Assessment
$1,496,000
Improvements Assessment
$7,009,000
Total Assessment
$8,505,000
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Market 32 | 709 Central Ave
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