For Sale
$9,600,000

2605 Philadelphia AveChambersburg, PA 17201

Chambersburg, PA Retail Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 78,462 square-foot shopping center in Chambersburg, Pennsylvania, presents a compelling investment opportunity. Boasting a 100% occupancy rate with nine tenants, including a major anchor tenant, Orrstown Bank, occupying 66% of the gross leasable area (GLA) and having 4.5 years remaining on their lease. The property features a strong tenant mix with a weighted average lease term (WALT) of 3.8 years and an average tenant occupancy of 10.8 years. Nearly 80% of the income benefits from 2% annual rent bumps, ensuring consistent revenue growth. The property benefits from a predominantly NNN lease structure, with only three tenants (19% of GLA) not having management pass-throughs. Built in 1980 and extensively renovated in 2020, the single-story building sits on a 12-acre lot offering ample parking and potential for outlots. Located near Letterkenny Army Depot and adjacent to a McDonald's, the center enjoys a prime location with minimal nearby retail competition. The property features a new roof (2021) with a 15-year warranty. The asking price is $9,600,000, representing a compelling 8.02% cap rate and a price per square foot of $122.35, positioned below replacement cost. This fee-simple ownership opportunity offers significant potential for long-term appreciation and stable cash flow.

Highlights

  • 78,462 square-foot shopping center in Chambersburg, PA.
  • Orrstown Bank anchors the center with a 4.5-year lease, comprising 66% of GLA; average tenant occupancy is 10.8 years, and the WALT is 3.8 years.
  • Only three tenants (19% of GLA) are not on NNN leases with management pass-throughs.
  • The property features a mix of long-term and short-term leases with limited available space.
  • Ample parking is available, with potential for outlots; adjacent to a McDonald's.
  • Offered below replacement cost; 2021 roof with a 15-year warranty; minimal nearby competition.

Property Details for 2605 Philadelphia Ave

Property type
Lifestyle centers, Power centers
Square Feet
78,462 SF
Year Built/Renovated
1980/2020
Buildings
1
Stories
1
Lot Size (sq. ft)
522,720 SF
Units
9

Location Insight

City
Chambersburg
County
Franklin
State
Pennsylvania
Latitude
39.971566811163
Longitude
-77.632733416727
2605 Philadelphia Ave, Chambersburg, Pennsylvania

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2605 Philadelphia Ave
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