Highlights
• 9+ years remain on a corporately guaranteed double-net (NN) lease • Eight renewal options, each for 5 years • Rent increases: 5% every 5 years during initial term, 10% every 10 years for first six renewals, then market rent for the last two • Sits on a 1.36-acre lot at a signalized intersection • Located across from a Broome County Transit bus stop with service to downtown and Greater Binghamton Health Center • Easy access to U.S. Highway 11, State Routes 7, 17, 363, and Interstates 81, 86, and 88 • Daytime population of 120,000+ within 5 miles • In the Triple Cities metro area, 73 miles south of Syracuse and 7 miles north of the Pennsylvania border
Description
Marcus & Millichap is proud to present the sale of the fee simple interest in 85 Robinson Street, a 14,673-square-foot double-drive-through pharmacy located in Binghamton, New York. The property is leased to Walgreens, which has more than nine years remaining on a corporately guaranteed double-net lease. Originally built for Rite Aid, the building became a Walgreens in 2020 under a 15-year lease that includes eight five-year renewal options, allowing the tenant to operate at the site through 2085—demonstrating long-term commitment. The lease features 5% rent increases every five years during the initial term and 10% increases in the first, third, and fifth renewal periods, with rent adjustments to fair market value in the final two renewals. Situated at the signalized intersection of Robinson Street and Whitney Avenue in Binghamton’s North Side, the property enjoys strong visibility and access. It is located just 350 feet from State Route 7, offering connections to U.S. Highway 11, State Route 363, the Southern Tier Expressway (Interstates 81, 86, and State Highway 17), and Interstate 88. Surrounding businesses include Advance Auto Parts, Green Mountain Electrical Supply, and Cook Brothers Truck Parts. Binghamton serves as a regional center for healthcare, education, and transportation in a metro area of approximately 243,792 residents near the Pennsylvania border. The property is located just 1.3 miles from downtown Binghamton and within three miles of SUNY Broome Community College, SUNY Upstate College of Medicine, and three major hospitals. SUNY Binghamton, with more than 18,000 students, lies 4.5 miles away, while Greater Binghamton Airport is 11.1 miles northwest of the property.
Listing Details
- Cap Rate
8.65%
- Tenancy
Single
- Space Type
retail
- Sub Category
pharmacy
- Date Listed
10/15/2025
- Ownership Info
Corporate
- Broker/Agent Co-op
Yes
- Investment Type
Net Lease
- Net Operating Income
$293,460
- Ground Lease
No
- Parking Info
60 Spaces
Property Specifics
- Property Name
Walgreens
- No of Buildings
1
- No of Stories
1
- No of Units
1
- Year Built
2015
- Building Size
14,673 SF
- Lot Size
1.36 AC
- Occupancy
100%