644 Frederick StHanover, PA 17331

Property Details for 644 Frederick St

Lot size

0.73 AC

Property size (Sq ft)

4,928 SF

Property type

Specialty properties

Property subtype

Retail properties

Description

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.

Location Insight

City

Hanover

County

York

State

Pennsylvania

Latitude

39.7912

Longitude

-76.9947

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