Shopping Strip
Advance Auto + Goodwill 2-Tenant Strip | Long-Term 10/15 Year Leases
406 E 2nd St, Oil City, PA 16301
Listing Price: $2,537,000
Investment Overview
Fully Leased, 24,658 SF 2-Tenant Strip Center in Oil City, PA. Goodwill of North Central PA (71% of GLA)
Leased thru 2033. Advance Auto Parts (29% of GLA) on Pro Rata NNN Lease thru 9/2029. Central Location within “Oil City’s South Side” Downtown Area Adjacent to Giant Eagle, CVS, and Rite Aid. Located Along Route 62/E Front Street with Prime Visibility & 300 Feet of Frontage to 9,060 VPD; additional Ingress/Egress to E 2nd Street.
Advance Auto + Goodwill 2-Tenant Strip | Long-Term 10/15 Year Leases
Investment Highlights
- Fully Leased, 24,658 Square Feet Two-Tenant Strip Center in Oil City, Pennsylvania
- Eight and a Half Years WALT (Weighted Avg. Lease Term)
- Average In-Place Rent of $8.76/Square Foot Triple-Net ($9.25/ Square Foot All-in); Priced Below Replacement Cost at $103/Square Foot
- Former Grocery Store Renovated and Re-Tenanted with Advance Auto + Goodwill in 2018/19 with New 10 and 15-Year Leases, Respectively
- $1.5 Million of Landlord Improvements (Roof/ HVAC/P-Lot/Façade/Landscaping) in 2018/2019 Renovation; Additional Tenant Improvements Paid Direct by Tenants
- Pro Rata/Base Year Reimbursement Structures Mitigate Net Operating Income Slippage Risk Due to Any Future Inflation of Tax, Common Area Maintenance, and Insurance Expenses
- Located Along Route 62/E Front Street with Prime Visibility and 300 Feet of Frontage to 9,060 Vehicles Per Day; Additional Ingress/Egress to E 2nd Street
- Goodwill Self-Maintains Common Area Maintenance Responsibilities, Very Passive/LL-Friendly Investment Opportunity
Broker of Record
Financing By
Shopping Strip
Advance Auto + Goodwill 2-Tenant Strip | Long-Term 10/15 Year Leases
Listing Price: $2,537,000
Investment Highlights
- Fully Leased, 24,658 Square Feet Two-Tenant Strip Center in Oil City, Pennsylvania
- Eight and a Half Years WALT (Weighted Avg. Lease Term)
- Average In-Place Rent of $8.76/Square Foot Triple-Net ($9.25/ Square Foot All-in); Priced Below Replacement Cost at $103/Square Foot
- Former Grocery Store Renovated and Re-Tenanted with Advance Auto + Goodwill in 2018/19 with New 10 and 15-Year Leases, Respectively
- $1.5 Million of Landlord Improvements (Roof/ HVAC/P-Lot/Façade/Landscaping) in 2018/2019 Renovation; Additional Tenant Improvements Paid Direct by Tenants
- Pro Rata/Base Year Reimbursement Structures Mitigate Net Operating Income Slippage Risk Due to Any Future Inflation of Tax, Common Area Maintenance, and Insurance Expenses
- Located Along Route 62/E Front Street with Prime Visibility and 300 Feet of Frontage to 9,060 Vehicles Per Day; Additional Ingress/Egress to E 2nd Street
- Goodwill Self-Maintains Common Area Maintenance Responsibilities, Very Passive/LL-Friendly Investment Opportunity
Investment Overview
Fully Leased, 24,658 SF 2-Tenant Strip Center in Oil City, PA. Goodwill of North Central PA (71% of GLA) Leased thru 2033. Advance Auto Parts (29% of GLA) on Pro Rata NNN Lease thru 9/2029. Central Location within “Oil City’s South Side” Downtown Area Adjacent to Giant Eagle, CVS, and Rite Aid. Located Along Route 62/E Front Street with Prime Visibility & 300 Feet of Frontage to 9,060 VPD; additional Ingress/Egress to E 2nd Street.
Broker of Record
Financing By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
