Harbor Freight - Binghamton, NY_Property for Sale

1272 Upper Front Street, Binghamton, NY, 13901, US

Harbor Freight - Binghamton, NY

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in a freestanding single-tenant Harbor Freight located at 1272 Upper Front Street in Binghamton, NY (“Property” or “Asset”). The Property is occupied by Harbor Freight (“Tenant”) which operates on a NN lease with 12.0 years of initial lease term, 8% rent escalations every 5 years and a 10% escalation upon execution of first renewal option, and five, five-year renewal options.

Located in Binghamton, NY, The Property is situated along Upper Front St, just off Interstate 81 with direct accessibility to more than 37,000 vehicles per day. Harbor Freight is positioned as an outparcel to Northgate Plaza that generates 1.1 million visits annually and is the #1 most visited shopping center within a 5-mile radius and ranks in 57th percentile of most visited shopping centers in New York.

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Attributes

Asking price

€2,404,000

Cap rate

6.3%

NOI

€152,000

WAULT

12 years

Building area net

1,533 m²

Year built

2024

Media

Investment Highlights

Operating on a net lease with 12.0 years of primary lease term and five, five-year renewal options
Adjacent to Northgate Plaza that generates 1.1M visits annually
Harbor Freight is one of the fastest-growing retailers in the country that opens 2 stores each week
Just off Interstate 81 with direct accessability to 37,000 VPD
Strong demand characteristics driven by 1-mile AHHI of $98K
1-mile north of SUNY Broome Community College with 5,000 students