850 Penn AveTurtle Creek, PA 15145

Property Details for 850 Penn Ave

Lot size

0.58 AC

Property type

Retail properties

Property subtype

Banks

APN

455-P-50

APU

455P50

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $8,809,504

  6.5%

  $8,131,850

  7%

  $7,551,004

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,686,409

  Geo Method

  $12,686,409

• Alternative Use

  Use

  Valuation

  Residential

  $6,859,520

  Hospitality

  $6,283,284

  Educational

  $5,227,618

  Medical

  $5,407,404

  Retail

  $8,131,850

Location Insight

City

Turtle Creek

County

Allegheny

State

Pennsylvania

Latitude

40.4047

Longitude

-79.8264

CBSA code

38300

CBSA name

PITTSBURGH, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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