For Sale
$1,600,000

850 Penn AveTurtle Creek, PA 15145

Pennsylvania Retail Bank; 7.5% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a 5,433 square foot retail building currently occupied by Citizens Bank, located at 850 Penn Ave, Turtle Creek, PA 15145. The property boasts a strong absolute NNN lease with Citizens Bank, N.A., a tenant with an "A-" S&P credit rating and a stable outlook. The lease commenced June 14, 2007, and has recently been extended, expiring June 30, 2030, providing a remaining lease term of approximately 5.6 years. The lease includes three, five-year renewal options with annual rent increases based on the CPI, featuring a floor of 1.0% and a cap of 2.5%. The property generates a substantial net operating income (NOI) of $120,000, resulting in an attractive 7.50% cap rate. Situated on a 0.58-acre lot, the single-story, 1977-built brick building features ample parking, dual drive-thru teller lanes, a drive-thru ATM, and a walk-up ATM. The property benefits from a high-traffic location adjacent to the USPS and other neighborhood retail businesses, including Dollar General and CVS. The surrounding area exhibits strong demographics, with significant population counts within a one, three, and five-mile radius. The property's proximity to Keystone Commons, a large renovated industrial/flex/office complex, further enhances its value and potential for future growth. This is a rare opportunity to acquire a stable, high-performing net lease investment in a prime location within the Pittsburgh MSA, a key market for Citizens Bank, with a substantial deposit base exceeding $95 million and exhibiting significant year-over-year growth.

Highlights

  • Citizens Bank NNN lease with 5.8 years remaining in suburban Pittsburgh, PA.
  • Citizens Bank recently extended the lease through July 2030.
  • Strong deposit base of $95 million, showing significant year-over-year growth.
  • Citizens Bank is the second-largest retail bank in the Pittsburgh MSA.
  • Pittsburgh is a key market for Citizens Bank.
  • Absolute NNN lease; zero landlord responsibilities.

Property Details for 850 Penn Ave

Property type
Retail properties, Banks
Square Feet
5,433 SF
Year Built
1977
Buildings
1
Stories
1
Lot Size (sq. ft)
25,265 SF
Units
1

Location Insight

City
Turtle Creek
County
Allegheny
State
Pennsylvania
Latitude
40.4047624
Longitude
-79.8262555
850 Penn Ave, Turtle Creek, Pennsylvania

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850 Penn Ave
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