September 27, 2024 – Brian Ahrens, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Napa Auto Parts and OTB in Troy, New York. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,100,000.
The Property is located at 369 2nd Avenue in Troy, New York. The two-tenant plaza is improved with Napa Auto Parts and an OTB (Off-Track Betting) and contains 10,455 square feet on a 0.89-acre parcel. Napa’s building was constructed for them in 2012 and they have 2+ years remaining on their lease with one (1), 5-Year renewal option. The OTB (Off-Track Betting) has been at this location since 2011 and is on a month-to-month lease. Napa’s lease calls for an attractive 8% rent increase at the start of their renewal option. The Property is positioned along the banks of the Hudson River at the intersection of 109th Street and 2nd Avenue (US Route 4) one of the area’s primary commercial and commuter corridors. The Property benefits from outstanding visibility and frontage along 2nd Avenue (US Route 4) and is 2-miles from Hoosick Street (US Route 7), and 3-miles from Interstate 787. Additionally, the Property is 2.8-miles from Rensselaer Polytechnic Institute, one of the most prestigious technological research universities in the country (6,900 students), and several other area schools. The Property is surrounded by densely populated residential neighborhoods providing a built-in customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.