1606 Center AveSomerset, PA 15501
- Mixed-use properties
- 4.96 AC
Property Details for 1606 Center Ave
- Year built
- 1987
- Lot size
- 4.96 AC
- Property type
- Mixed-use properties
- Property subtype
- Other investment properties
- APN
- S42-007-225-006
- APU
- S42007225006
Description
Somerset Plaza, located at 1606 N Ctr Ave, Somerset, PA 15501, presents a compelling investment opportunity. This 37,497 square foot storefront boasts a strong 8.5% capitalization rate, generating a net operating income (NOI) of $302,920. The property, situated on a 7.66-acre lot, offers ample parking with 115 spaces. Built in 1982 and renovated in 2002, the building is zoned C-1: General Commercial and enjoys 100% occupancy with national corporate tenants under guaranteed leases featuring early signed extensions and options to extend. The property benefits from a grocery shadow anchor and is strategically located along State Highway 601, experiencing a high volume of daily traffic (13,700 vehicles per day). Its excellent visibility and accessibility are further enhanced by a large pylon sign. This property is part of a dense retail corridor, showcasing a strong presence of national credit tenants. The asking price is $3,564,000, translating to a price per square foot of $95.05. The property's APN is S42-007-225-005. This is a rare opportunity to acquire a high-performing, well-located retail asset with significant upside potential.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $51,403,072
- 6.5%
- $47,448,992
- 7%
- $44,059,776
-
Comparable approach
- Method
- Valuation
- Relative Method
- $43,181,040
- Geo Method
- $43,181,040
-
Alternative Use
- Use
- Valuation
- Residential
- $58,836,748
- Hospitality
- $53,894,144
- Educational
- $44,839,296
- Medical
- $46,381,388
- Retail
- $69,750,016
Location Insight
- City
- Somerset
- County
- Somerset
- State
- Pennsylvania
- Latitude
- 40.0383
- Longitude
- -79.0731
- CBSA code
- 43740
- CBSA name
- SOMERSET, PA MICROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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