For Sale
$2,956,224

644 Frederick St Hanover, PA 17331

High-yield NNN pharmacy investment.

Property records and analytics

Overview

Added:
Dec 11, 2024
Days on market:
134
This exceptional investment opportunity presents a fee-simple, single-tenant, net-leased (NNN) retail property located at 644 Frederick St, Hanover, PA 17331. The 4,928 square foot building sits on a 0.73-acre lot and is currently 100% occupied by Fluent, a pharmacy under the corporate guarantee of Cansortium, a multi-state operator with a proven track record of success. The lease commenced June 1, 2022, and expires May 31, 2032, offering a remaining lease term of 7.5 years. The asking price is $2,956,224, representing a compelling 10.25% cap rate based on a current Net Operating Income (NOI) of $303,013. The property benefits from a strong corporate guarantee, minimizing landlord responsibilities. The lease includes scheduled rent bumps of $20,000 in June 2025, 2027, 2029, and 2031, ensuring future income growth. The tenant's strong historical sales and limited competition within a thriving Pennsylvania cannabis market further enhance the investment potential. This property is an ideal addition to any portfolio seeking stable, high-yield returns with minimal management requirements. The price per square foot is $599.88. The building is a single-story structure.

Highlights

  • 10.25% Cap Rate.
  • Tenant boasts a strong rent-to-sales ratio (below 4.00% from 2020-2022).
  • Lease guaranteed by Cansortium, a multi-state cannabis operator with strong financial performance.
  • NNN Lease: Zero landlord responsibilities.
  • 7.14% rent increase scheduled for June 2025.
  • Minimal competition within a 13-mile radius.

Property Details for 644 Frederick St

Property type
Specialty properties, Retail properties
Square Feet
4,928 SF
Buildings
1
Stories
1
Lot Size (sq. ft)
31,799 SF

Location Insight

City
Hanover
County
York
State
Pennsylvania
Latitude
39.791211655986
Longitude
-76.994670990701

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FAQs

What type of property is this?
Specialty property - High-yield NNN pharmacy investment.
Where is the specialty property located?
The property is located at 644 Frederick St Hanover, PA.
What is the asking price?
The asking price for this property is $2,956,224.
What are key features of this property?
This property features: 10.25% Cap Rate.; Tenant boasts a strong rent-to-sales ratio (below 4.00% from 2020-2022).; Lease guaranteed by Cansortium, a multi-state cannabis operator with strong financial performance.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
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Contacts

Alexander Machado
Alexander Machado
Visit Broker Website

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Useful Information

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Frederick St
Hanover, PA 17331

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Frederick St
Hanover, PA 17331

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Disclaimer

The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.

We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.

By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.

644 Frederick St
  • Alexander Machado
    Alexander Machado
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