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Net Lease

1018 S Main Ave.

1018 S Main Ave, Scranton, PA 18504

Listing Price: $1,370,000

Cap Rate
7.80%
Gross SF
8,550
Price/Gross SF
$160.23
Lot Size
0.53 acres
Year Built
2000
Rentable SF
8,550

Investment Overview

Marcus & Millichap is pleased to exclusively represent a micro-fulfilment center located at 1018 S Main Ave., Scranton, Pennsylvania 18504. Formerly a CVS Pharmacy, the subject property is now leased to a nationally recognized brand in the instant needs industry. The subject property, constructed in 2000 and renovated in 2021 contains an RBA of 8,550 square-feet located on ~0.53 acres of land. Located in a densely populated area, the tenant was attracted to this infill location within minutes of its customer base. The tenant is currently in the design phase for the space, planning for buildout in the summer with occupancy prior to year end. This stabilized micro-fulfillment center provides a passive investment opportunity with limited Landlord responsibilities. The investment provides an entry into the emerging Instant Needs industry ($10.2 billion projected sales by 2028, Jannah news ) providing a rare opportunity to be an early investor in this per local, entrepreneurial category. Ideally located, the Property is within the I-80 corridor with easy access to I-81 (66,000 vehicles per day ), Route 11 (17,000 vehicles per day), and I-476 (8,600 vehicles per day). Higher educational institutions all within eight miles of the subject property include the University of Scranton (Undergraduate Enrollment: 3,658), Marywood University (Undergraduate Enrollment: 3000), Johnson College (Undergraduate Enrollment: 428), Lackawanna College (Undergraduate Enrollment: 1873), and Penn State Scranton (Undergraduate Enrollment: 947) provide an educated talent pool and built-in customer base. Scranton, Pennsylvania is known for its manufacturing enterprises, primarily in the nondurable goods sector for companies such as Proctor & Gamble and Techneglas. In addition, major financial and professional services corporations such as AT&T, Fleet Financial Group, Cigna Health Care, and Alliance Fund Services recently opened large offices locally. Other large employers in the area include Scranton Hospital Company, Community Medical Center, Allied Services, Lackawanna County and Mercy Hospital. Located in the Scranton-Wilkes-Barre, PA MSA (Population: 567,559), Scranton Pennsylvania is seven miles from the Wilkes-Barre Scranton International Airport, 122 miles from New York, 124 miles from Philadelphia and 280 miles from Pittsburgh. The average household income within a five-mile radius is $66,691. The Hilton Scranton Conference Center (Events include: National Business Institute, National Seminars Training, Fred Pryor Seminars, and Ed4Nurses) is also within two miles as well as Commonwealth Health Regional Hospital of Scranton (Hospital Beds: 186) This location also benefits from a multitude of national retailers in the surrounding area including; Walmart, Tractor Supply, Price Chopper, Dunkin’, Mavis Discount Tire, Walgreens, Dollar Tree and many more.

Investment Highlights

  • 8,550 Square-Foot Micro-Fulfillment Center (Former CVS) on 0.53 Acres Constructed in 2000 and Renovated in 2021 with Freezers, Refrigerators and Racking
  • New 8.25 Year Double-Net (NN) Leases (7.5 Years Remaining) with 10 Percent Rent Increases After Five Years and Two, Three Year Renewal Options | Limited Landlord Responsibilities
  • 100 Percent Leased Single Tenant Micro-Fulfillment Center | Currently in the Design Phase Planning for Buildout in the Summer With Occupancy Prior to Year End
  • Higher Educational Institutions Include Marywood University, Johnson College, Lackawanna College, and Penn State Scranton (Approx. Total Undergraduate Enrollment: 10,000)
  • Scranton-Wilkes-Barre, Pennsylvania MSA Population: 567,559 Average Household Income within Five Miles: $66,691 Population within Five Miles: 117,529
  • Dense Urban Infill Ideal for Micro-Fulfillment Center | Emerging and Rapidly Growing Instant Needs Industry | High Traffic Commuter I-81 Corridor – Convenient Access to I-81 (66,000 Vehicles per Day), Route 11 (17,000 Vehicles per Day), and I-476 (8,600 Vehicles per Day)
  • Seven Miles to Wilkes-Barre Scranton International Airport 122 Miles to New York | 124 Miles to Philadelphia | 280 Miles to Pittsburgh
  • Local Large Employers Include; Scranton Hospital Company, Community Medical Center, Allied Services, Lackawanna County, Techneglas, and Mercy Hospital

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Financing By

Net Lease

1018 S Main Ave.

Listing Price: $1,370,000

Cap Rate
7.80%
Gross SF
8,550
Price/Gross SF
$160.23
Lot Size
0.53 acres
Year Built
2000
Rentable SF
8,550

Investment Highlights

  • 8,550 Square-Foot Micro-Fulfillment Center (Former CVS) on 0.53 Acres Constructed in 2000 and Renovated in 2021 with Freezers, Refrigerators and Racking
  • New 8.25 Year Double-Net (NN) Leases (7.5 Years Remaining) with 10 Percent Rent Increases After Five Years and Two, Three Year Renewal Options | Limited Landlord Responsibilities
  • 100 Percent Leased Single Tenant Micro-Fulfillment Center | Currently in the Design Phase Planning for Buildout in the Summer With Occupancy Prior to Year End
  • Higher Educational Institutions Include Marywood University, Johnson College, Lackawanna College, and Penn State Scranton (Approx. Total Undergraduate Enrollment: 10,000)
  • Scranton-Wilkes-Barre, Pennsylvania MSA Population: 567,559 Average Household Income within Five Miles: $66,691 Population within Five Miles: 117,529
  • Dense Urban Infill Ideal for Micro-Fulfillment Center | Emerging and Rapidly Growing Instant Needs Industry | High Traffic Commuter I-81 Corridor – Convenient Access to I-81 (66,000 Vehicles per Day), Route 11 (17,000 Vehicles per Day), and I-476 (8,600 Vehicles per Day)
  • Seven Miles to Wilkes-Barre Scranton International Airport 122 Miles to New York | 124 Miles to Philadelphia | 280 Miles to Pittsburgh
  • Local Large Employers Include; Scranton Hospital Company, Community Medical Center, Allied Services, Lackawanna County, Techneglas, and Mercy Hospital

Investment Overview

Marcus & Millichap is pleased to exclusively represent a micro-fulfilment center located at 1018 S Main Ave., Scranton, Pennsylvania 18504. Formerly a CVS Pharmacy, the subject property is now leased to a nationally recognized brand in the instant needs industry. The subject property, constructed in 2000 and renovated in 2021 contains an RBA of 8,550 square-feet located on ~0.53 acres of land. Located in a densely populated area, the tenant was attracted to this infill location within minutes of its customer base. The tenant is currently in the design phase for the space, planning for buildout in the summer with occupancy prior to year end. This stabilized micro-fulfillment center provides a passive investment opportunity with limited Landlord responsibilities. The investment provides an entry into the emerging Instant Needs industry ($10.2 billion projected sales by 2028, Jannah news ) providing a rare opportunity to be an early investor in this per local, entrepreneurial category. Ideally located, the Property is within the I-80 corridor with easy access to I-81 (66,000 vehicles per day ), Route 11 (17,000 vehicles per day), and I-476 (8,600 vehicles per day). Higher educational institutions all within eight miles of the subject property include the University of Scranton (Undergraduate Enrollment: 3,658), Marywood University (Undergraduate Enrollment: 3000), Johnson College (Undergraduate Enrollment: 428), Lackawanna College (Undergraduate Enrollment: 1873), and Penn State Scranton (Undergraduate Enrollment: 947) provide an educated talent pool and built-in customer base. Scranton, Pennsylvania is known for its manufacturing enterprises, primarily in the nondurable goods sector for companies such as Proctor & Gamble and Techneglas. In addition, major financial and professional services corporations such as AT&T, Fleet Financial Group, Cigna Health Care, and Alliance Fund Services recently opened large offices locally. Other large employers in the area include Scranton Hospital Company, Community Medical Center, Allied Services, Lackawanna County and Mercy Hospital. Located in the Scranton-Wilkes-Barre, PA MSA (Population: 567,559), Scranton Pennsylvania is seven miles from the Wilkes-Barre Scranton International Airport, 122 miles from New York, 124 miles from Philadelphia and 280 miles from Pittsburgh. The average household income within a five-mile radius is $66,691. The Hilton Scranton Conference Center (Events include: National Business Institute, National Seminars Training, Fred Pryor Seminars, and Ed4Nurses) is also within two miles as well as Commonwealth Health Regional Hospital of Scranton (Hospital Beds: 186) This location also benefits from a multitude of national retailers in the surrounding area including; Walmart, Tractor Supply, Price Chopper, Dunkin’, Mavis Discount Tire, Walgreens, Dollar Tree and many more.

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

Financing By

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