Asset Type: Real Estate
Estate: Fee Simple
Land Area: 0.24 Acres
Property Type: Retail
Year Built: 1977
Property Size: 5,000 SF
Investment Highlights
- 7.85% Cap Rate | $47,000 NOI | Approximately $120/SF
- Top 11% Rent-A-Center location nationwide, according to Placer.ai
- 30+ years of continuous occupancy at this location, dating back to 1994
- NNN lease through 12/31/2030, with landlord responsibilities limited to roof, structure, and foundation
- Tenant is Rent-A-Center East, Inc., a subsidiary of publicly traded Upbound Group, Inc. (NASDAQ: UPBD)
- Downtown Auburn location along Genesee Street (approximately 10,500 VPD), near Wegmans, Auburn Plaza, and the Cayuga County civic center
Rent-A-Center_Auburn
85-89 Genesee Street is a 5,000 SF single-tenant NNN investment leased to Rent-A-Center East, Inc., a subsidiary of Upbound Group, Inc. (NASDAQ: UPBD). The property is offered at a 7.85% cap rate on $47,000 in NOI, equating to approximately $120/SF.
Rent-A-Center has occupied the building since 1994, representing more than 30 years of continuous tenancy. According to Placer.ai, this location ranks in the top 11% of Rent-A-Center stores nationwide. The current lease runs through December 31, 2030, with the tenant responsible for taxes, insurance, and CAM, leaving the landlord responsible only for the roof, structure, and foundation.
With a long-standing tenant, strong store performance, and an attractive basis per square foot, this offering presents a compelling, lower-risk investment opportunity in downtown Auburn.
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