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Warehouse

421 N Pennsylvania Ave

421 N Pennsylvania Ave, Wilkes-Barre, PA 18702

Listing Price: $3,000,000

Cap Rate
5.47%
Gross SF
78,955
Price/Gross SF
$38.00
Lot Size
4.17 acres
Year Built
1975
Rentable SF
78,955

Investment Overview

Marcus & Millichap is pleased to present qualified buyers the opportunity to acquire the Wilkes-Barre Industrial Center, located at 421 N Pennsylvania Ave, Wilkes-Barre, Pennsylvania 18702.? Sitting on 4.17 Acres, the property offers 78,955 SF of gross leasable area and is strategically located along the I-81 Corridor in Wilkes-Barre, PA.? The Subject Property is currently 100% occupied and maintains 12 leases with the following tenants: Associated Builders, Bella Machine Inc.?, Children Service Center, City Mager, J&M Petroleum Services LLC, MKS Academy LLC, National HVAC Service, Volunteers of America, Wilkes-Barre City Self Storage (U-Haul Franchisee), Wilkes-Barre Animal Hospital, CBC & Son, and Residential.? There is a significant value-add upside, as rents are substantially below market.? Tenants have invested considerable capital expenditures in their designated building shares throughout each of their leases.? Situated near the Delaware Valley Tri-State area, Wilkes-Barre offers easy access to Interstates 80, 81, and 476, the metro has easy transportation access to a large portion of the nation’s population, helping to grow its logistics and distribution sector.? Furthermore, downtown Wilkes-Barre is the largest concentrated employment center in Northeastern Pennsylvania, with a lively business community.? This vast infrastructure network provides for a large manufacturing and distribution base.? Hershey, Amazon, Pride Mobility Products, and Bemis are a few of the many firms located in the region.? A number of the area’s biggest employers are healthcare providers including Aveanna Health Care, VA Medical Center, Wilkes-Barre Hospital and Community Health Systems.? Vacancies are currently 6.4% which is a -3.8% decrease over the past twelve months.? Additionally, the year-over-year rental growth rate within this submarket is 10.6%, which is some of the highest levels of growth this region has ever seen.?

Investment Highlights

  • 100% Occupied with Below Market Rents
  • Highly Accessible Site - Close Proximity to Interstates 80, 81, I-84, and 476
  • 78,955 sq ft of rentable space sitting on 4.17 Acres
  • Diversified Tenant Mix - Wilkes Barre City Self Storage
  • Year-Over-Year Rental Growth Rate of 10.6%

Exclusively Listed By

Financing By

Warehouse

421 N Pennsylvania Ave

Listing Price: $3,000,000

Cap Rate
5.47%
Gross SF
78,955
Price/Gross SF
$38.00
Lot Size
4.17 acres
Year Built
1975
Rentable SF
78,955

Investment Highlights

  • 100% Occupied with Below Market Rents
  • Highly Accessible Site - Close Proximity to Interstates 80, 81, I-84, and 476
  • 78,955 sq ft of rentable space sitting on 4.17 Acres
  • Diversified Tenant Mix - Wilkes Barre City Self Storage
  • Year-Over-Year Rental Growth Rate of 10.6%

Investment Overview

Marcus & Millichap is pleased to present qualified buyers the opportunity to acquire the Wilkes-Barre Industrial Center, located at 421 N Pennsylvania Ave, Wilkes-Barre, Pennsylvania 18702.? Sitting on 4.17 Acres, the property offers 78,955 SF of gross leasable area and is strategically located along the I-81 Corridor in Wilkes-Barre, PA.? The Subject Property is currently 100% occupied and maintains 12 leases with the following tenants: Associated Builders, Bella Machine Inc.?, Children Service Center, City Mager, J&M Petroleum Services LLC, MKS Academy LLC, National HVAC Service, Volunteers of America, Wilkes-Barre City Self Storage (U-Haul Franchisee), Wilkes-Barre Animal Hospital, CBC & Son, and Residential.? There is a significant value-add upside, as rents are substantially below market.? Tenants have invested considerable capital expenditures in their designated building shares throughout each of their leases.? Situated near the Delaware Valley Tri-State area, Wilkes-Barre offers easy access to Interstates 80, 81, and 476, the metro has easy transportation access to a large portion of the nation’s population, helping to grow its logistics and distribution sector.? Furthermore, downtown Wilkes-Barre is the largest concentrated employment center in Northeastern Pennsylvania, with a lively business community.? This vast infrastructure network provides for a large manufacturing and distribution base.? Hershey, Amazon, Pride Mobility Products, and Bemis are a few of the many firms located in the region.? A number of the area’s biggest employers are healthcare providers including Aveanna Health Care, VA Medical Center, Wilkes-Barre Hospital and Community Health Systems.? Vacancies are currently 6.4% which is a -3.8% decrease over the past twelve months.? Additionally, the year-over-year rental growth rate within this submarket is 10.6%, which is some of the highest levels of growth this region has ever seen.?

Exclusively Listed By

Financing By

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