249 Main St 10,125 SF Retail Building Binghamton, NY 13905 $2,813,800 ($277.91/SF) 7.25% Cap Rate

CBRE, on behalf of ownership, is pleased to exclusively offer the fee simple interest in 249 Main Street, Binghamton, NY. The 10,125 square foot building sits on 1.01 acres. The property is subject to a triple-net lease with CVS Pharmacy. There are just under eight years of firm term remaining on the lease. In addition, the tenant has two five-year options with 8% rent increases. CVS Pharmacy boasts an investment grade credit rating of ‘BBB’ by Standard & Poor’s. The property has undergone recent capital improvements including a new parking lot in 2023.
The subject property is ideally positioned on a signalized, hard corner with multiple points of ingress and egress. Directly across from the subject property is a large grocery-anchored shopping center with Price Chopper, Planet Fitness, Dollar Tree, Big Lots, and more. Additional retailers in the area include Key Bank, Burger King, KFC, Dunkin’, Mavis Discount Tire, Advance Auto Parts, Walmart and more. The subject property is located approximately three miles from Binghamton University’s main campus. The school enrolls over 18,000 students and contributes approximately $1.4 billion to the regional economy. The area is densely populated with over 107,000 people residing within five miles of the subject property.