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Berkshire Bank

$ 2,300,000
East Greenbush, New York
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Address: 602 Columbia Turnpike, East Greenbush, New York, United States 12061

Type: Bank

Cap Rate: 5.57%

Lease Type: Triple-Net (NNN)

Annual Rent: $128,053

Net Operating Income: $128,053

Lease Term Remaining: 6.0 Years

Rental Increases: 4.0% Annual Increases

Options: Four (4) – Five (5) Year Options at Market Rent

Year Built: 1958

Rentable Sq/Ft: 4,800 SF

Rent Sq/Ft: $26.68

Price Sq/Ft: $479

Lot Size: +/- 0.43 Acres

The subject investment property is an outparcel to a Hannaford anchored shopping center on Columbia Turnpike, which boasts average daily traffic counts of 17,507 vehicles per day. There are more than 69,854 individuals residing within a five-mile radius of the property and more than 295,135 individuals within a 10-mile radius.

The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants including: Hannaford, Starbucks, Sherwin Williams, Wendy’s, Planet Fitness, GNC, Valvoline, Subway, and more. There are multiple universities within a 10 mile radius including SUNY Albany, Albany Medical College, Albany Law School, The College of Saint Rose, Sage College of Albany, Excelsior College, Maria College, Bryant & Stratton College, and more.

With Albany being the capital city of New York, the local economy is heavily based on government. Other major employment sectors include healthcare, education and technology. Companies with headquarters in the metro include Price Chopper Supermarkets as well as the New York Lottery. The region was the original home to General Electric. The company still retains many of its administrative functions in Schenectady. The Albany Nanotech complex at SUNY Polytechnic Institute campus in Albany provides advanced research on nanotechnology.

 

 

Broker of Record: John Krueger  License #10311205789

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Glen Kunofsky

President, Founder
(212) 430-5115

Judson Kauffman

Senior Managing Director, Investments
(212) 430-5204

Garreth Kaplan

Associate
(646) 805-1487