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Harbor Freight Tools | New 12 Yr Lease | NY 1272 Upper Front St 16,500 SF Retail Building Binghamton, NY 13901 $2,347,000 ($142.24/SF) 7% Cap Rate
Investment Highlights
- LONG-TERM CORPORATE LEASE: Harbor Freight Tools recently executed a 12-year lease with a commencement date of December 1, 2025
- INFLATION-HEDGE RENT GROWTH: The lease features a 8% rent increase scheduled for 12/1/2031, followed by 10% increase during the first option
- HIGH-TRAFFIC CORRIDOR: Situated on Upper Front Street with exposure to over 22,000 vehicles per day (VPD), positioned between I-81 on/off ramps
- RECENT 2025 RENOVATION: The property underwent a comprehensive a complete interior and exterior transformation to suit Harbor Freight’s prototype
- PASSIVE LEASE STRUCTURE: The tenant is responsible for reimbursing the landlord for taxes and insurance. Additionally, the tenant maintains interior
- PROXIMITY TO REGIONAL RETAIL: Located 10 minutes from Oakdale Commons, a nearly 1 million-SF superregional shopping destination anchored by BJ’s &more
Executive Summary
Property Facts
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Retailer
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Harbor Freight Tools is a privately held discount tool and equipment retailer founded in 1977 by Eric Smidt and Allan Smidt. Headquartered in Calabasas, California, the company began as a mail-order business and opened its first retail store in 1980. Harbor Freight operates over 1,600 stores across 48 states and employs more than 30,000 people. The retailer offers a wide range of products, including hand tools, power tools, automotive equipment, generators, and shop supplies, marketed under proprietary brands such as Pittsburgh, Bauer, Hercules, and U.S. General. Harbor Freight’s business model focuses on direct sourcing from manufacturers to reduce costs and provide tools at prices significantly lower than competitors. The company also maintains a strong e-commerce presence and offers financing options, loyalty programs, and extended service plans. Harbor Freight remains family-owned and is recognized for its commitment to affordability and value in the tool retail industry.
- Nasco Home
- Retailer
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| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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| Nasco Home | Retailer | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | 032400-111-016-0001-024-000-0000 | Improvements Assessment | $80,900 |
| Land Assessment | $247,000 | Total Assessment | $327,900 |
Property Taxes
Presented by
Harbor Freight Tools | New 12 Yr Lease | NY | 1272 Upper Front St
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