1837 E Allegheny Ave - Bank FOR SALE


Philadelphia, PA 19134- Kensington
$1,862,000 USD
215-603-6914
1837 E Allegheny Ave, Philadelphia, PA for Sale
$1,862,000 USD
Bank - FOR SALE
1/7
null | 6.5% Cap Rate

1837 E Allegheny Ave
Philadelphia, PA 19134
Kensington


HIGHLIGHTS

  • Wells Fargo Bank, NA, is a Standard and Poor’s “A+” rated investment-grade credit tenant, one of the largest financial institutions in country
  • Wells Fargo has occupied this property since 2015 with consistent deposits & recently extended their lease for another 5 years with no concessions
  • Philadelphia is home to 1.6M people, making it the largest city in Pennsylvania and the 6th largest in the United States
  • The NNN* lease features 10% rental increases every 5 years including in each of the 4 x 5-year options to renew
  • Frontage on Allegheny Ave (14,000+ VPD), has great visibility/signage and is adjacent to a Bank of America branch making this a banking destination
  • Walk Score of 84/100 and less than one block from the Allegheny Station on SEPTA’s Market-Frankford Line (107,000 passengers per day)

OVERVIEW

CBRE is pleased to exclusively present for sale this Wells Fargo branch, a prime, long-term investment opportunity backed by investment-grade credit, a stable lease structure, and a high-performing location in a dense Philadelphia submarket. The property benefits from a corporate guarantee by Wells Fargo Bank, NA, an A+ rated financial institution (Standard & Poor’s), ensuring strong creditworthiness and security for investors. Additionally, the absolute-net ground lease structure eliminates landlord responsibilities, making this a truly passive investment. Wells Fargo has occupied this property since 2015 with consistent deposit levels, and they recently extended their lease for another 5 years with no concessions, demonstrating their ongoing commitment to this location, with four 5-year option periods remaining. The subject property features a passive NNN* lease structure, with the tenant responsible for all common area maintenance, real estate taxes, and insurance costs. The landlord is only responsible for maintaining their own liability insurance, which is not reimbursed by the tenant. The NNN* lease also includes 10% rental increases every 5 years, including in each of the four 5-year option periods, offering potential for significant yield growth. This branch is a high-performing asset, evidenced by its strong deposit history and 24-hour customer access via an on-site ATM. The property also features enhanced security measures, requiring a Wells Fargo debit or credit card swipe/tap for entry, ensuring a safe and reliable banking environment. Strategically positioned in a dense and growing Philadelphia trade area, the property benefits from strong demographics and convenient accessibility. Wells Fargo fronts on Allegheny Ave (14,000+ VPD), offering great visibility and signage, and is adjacent to a Bank of America branch, making this a key banking destination in the area.

FOR SALE DETAILS

PRICE

$1,862,000 USD

PRICE/SF

$1,241 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Wells Fargo Bank

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Bank

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

11,088 SF

ZONING

CMX3

APN/PARCEL ID

882125700

ASK ABOUT THIS PROPERTY

Matthew GormanCBRE, Inc.More Info
215-603-6914

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Matthew GormanCBRE, Inc.More Info
215-603-6914

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.