Walgreens- Schenectady, NY · Schenectady NY See Location on Map
Subject property is located at 1203 Eastern Avenue in Schenectady, NY. Walgreens recently extended the lease for a new 10 year lease term and (3) 5-year options! The property is a NNN lease to Walgreens with 12+ years remaining on the current term.Starting 6/1/2034 the rent increases by 10% every 5 years. The current lease term expires on 5/31/2049. Walgreens has the option to terminate with a 6 month notice 6/1/2034, 6/1/2039, and 6/1/2044.
Landlord has zero responsibilities. The building was built in 1997 and is 12,696 +/SF on .95 AC of land.
Subject property is located near numerous medical offices including Ellis Medical Center and Ellis Hospital, a 438 bed community and teaching healthcare facility. Schenectady is a city located in Schenectady County, New York and is known as a manufacturing center known as “The city that lights and hauls the world” in reference to the 2 major companies in the city, Edison Electric Company (General Electric) and The American Locomotive Company (ALCO). Schenectady is considered part of the metro area surrounding the state capital of Albany, located about 15 miles southeast. Schenectady, along with Albany and Troy, is one of the three principal population and industry centers in the region.
Walgreens has a 20 day first right of refusal.
Rent Schedule:
Current Term: 1/1/2022 – 5/31/2034 – $258,408.00
Option 1: 6/1/2034- 5/31/2039- $284,249.00
Option 2: 6/1/2039 – 5/31/2044 -$312,674.00
Option 3: 6/1/2044 – 5/31/2049 –$343,941.00
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