212-218 Park Hills Plz - Storefront FOR SALE


Altoona, PA 16602
$5,793,000 USD
202-286-1542
212-218 Park Hills Plz, Altoona, PA for Sale
$5,793,000 USD
Storefront - FOR SALE
1/8
null | 6.75% Cap Rate

212-218 Park Hills Plz
Altoona, PA 16602


HIGHLIGHTS

  • Highly Productive Strip with Best-in-Class Tenant Performance |Extremely Limited Competition
  • Exceptionally Strong Tenant Sales | Attractive Retailer Mix with Rental Increases | Strong Credit and Healthy Tenants
  • Signalized, Hard Corner Intersection | Excellent Visibility |Direct Residential Consumer Base
  • Outparcel to Park Hills Plaza | Logan Valley Mall | Heart of Altoona’s Retail Corridor | Strong Tenant Presence
  • NNN Leases | Fee Simple Ownership

OVERVIEW

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a 100% occupied, five-tenant, e-commerce resistant, retail strip investment property located in Altoona, Pennsylvania. The offering features a strong, food and service-based tenant line up of Starbucks (S&P: BBB+), Kay Jewelers, Tropical Smoothie Café (Opening Soon), Sports Clips, and Sleep Number. Maintenance of the site is provided under declaration by the shopping center landlord, an ideal structure for a passive investor. All current tenants operate under leases which are NNN in nature, limiting expense leakage. Further, under the terms of the declaration, tenant reimbursements for CAM match the maintenance costs passed through to the owner by the shopping center, thus limiting CAM expense slippage to collections risk. All current tenants signed long term leases and their combined weighted average lease term remaining is 5+ years. Additionally, Starbucks is equipped with an end-cap drive-thru lane, which provides ease and convenience for customers. Lastly, the tenants perform exceptionally well at the center with Kay Jewelers, Sleep Number, and Sport Clips ranking among the most visited within the state. Starbucks is also very well trafficked and has limited surrounding competition with no other competing locations within 15 miles.

FOR SALE DETAILS

PRICE

$5,793,000 USD

PRICE/SF

$586 USD /SF

CAP RATE

6.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Starbucks Shops

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

ADD'L SUBTYPES

Freestanding, Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2019

SPRINKLERS

-

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.66 AC

LAND SF

28,750 SF

ZONING

-

APN/PARCEL ID

14.00-15..-005.17-000

ASK ABOUT THIS PROPERTY

Andrew FallonSRS Real Estate PartnersMore Info
202-286-1542

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Andrew FallonSRS Real Estate PartnersMore Info
202-286-1542

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