408 State Route 3, Plattsburgh, NY 12901
4,373 SF | Retail Building | Plattsburgh, NY 12901 | $3,652,000 ($835/SF) | 5.75% Cap Rate
Asking Price $3,652,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 4,373 SF
- Price / Square Foot
- $835
Listing Contacts
Stephen Gwinnup
Property Overview
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.
Property Details
- Class
- B
- Year Built
- 2020
- Stories
- 1
- Lot Size (sq. ft)
- 46,609 SF
Highlights
- Only 5 minutes from UVM Health Network - Champlain Valley Hospital, Plattsburg's largest employer with 2,100 employees and nearby accommodations
- Less than 3 miles from State University of New York-Plattsburg with 4,417 students and 1,268 employees
- Great visibility from NY Hwy-3 and adjacent to I-87 & NY Hwy-3 access point
- ±17,147 and 32,969 Vehicles Per Day
- Located in the heart of Plattsburg's main retail corridor with affluent surrounding area
- Near by destination retailers include Walmart, Lowe's, Sam's Club, Target, Aldi, Five Guys, Pizza Hut Chipotle and more
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