720 Lincoln Way, Mc Connellsburg, PA 17233
4,194 SF | Retail Building | Mc Connellsburg, PA 17233 | $500,000 ($119/SF) | 7.92% Cap Rate
For Sale
Active
Asking Price $500,000
- Property Type
-
Retail, Industrial
- Square Feet
- 4,194 SF
- Price / Square Foot
- $119
Listing Contacts
- Property Info
Property Overview
Introducing 720 Lincoln Way East, a prime commercial property in McConnellsburg which has been ground leased to Sheetz since 1975. Having invested in continual updates over the past 4 decades, Sheetz's NNN tenancy is now on it's first of three 5-year renewal periods. This property is offered as part of a Bankruptcy proceeding and presents an opportunity to acquire investment-grade tenancy for an unusually low price. Additionally, there is substantial upside potential to adjust rents to market rates at the end of the currently-prescribed renewal periods. *This property can be bundled with another NNN-leased Sheetz asset in Mount Union, PA. *- Stalking horse bid has been received at $800k for both assets. (Minimum bid for this property alone must be greater $500k) *All offers are subject to Bankruptcy Court approval, public hearing, and an open auction in court.*
Property Details
- Year Built
- 1975
- Stories
- 1
- Property Subtype
- Grocery/Convenience Store, Manufacturing
- Lot Size (sq. ft)
- 28,314 SF
Highlights
- Corporate guarantee
- Absolute NNN lease
- New lease drafted in 2006 that went into effect in 2007, for 15 years, ending April 30, 2022
- The lease is now in its first of three 5-yr renewals
- 10% rent rate bumps every 5 years
- Can be offered in a portfolio with a second NNN-Leased Sheetz property in Mount Union.
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