958 Krocks RdAllentown, PA 18106

Property Details for 958 Krocks Rd

Year built

1998

Lot size

1.17 AC

Property size (Sq ft)

9,184 SF

Zone code

C

Property type

Retail properties

Property subtype

Drug stores

APN

547544716255-1

APU

5475447162551

Description

This exceptional investment opportunity presents a 9,184 square foot CVS Pharmacy in Allentown, PA, under a corporate-guaranteed net lease with a remaining term of 8.2 years and a 4-year option with an 18% rent increase. The property, built in 1998, sits on a 1.17-acre lot with 41 parking spaces and boasts a prime location on S. Krocks Road and Hamilton Boulevard, benefiting from high daily traffic counts of 4,678 and 12,875 vehicles respectively. The property features a drive-thru pharmacy and is situated in a thriving retail corridor with strong demographics, including over 368,000 residents and over 142,000 households within a 10-mile radius, and an average household income exceeding $95,000. The property generates a substantial net operating income (NOI) of $195,495, representing a 5.35% cap rate. The asking price is $3,654,112, translating to $397.88 per square foot. The lease commenced on November 30, 1997, and is set to expire on January 30, 2033. The property is zoned C and features a signaled corner location, providing excellent visibility and accessibility. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential due to the lease option. The property's proximity to Lehigh Valley International Airport (a 17-minute drive) further enhances its strategic value. The property's strong tenant, favorable lease terms, and prime location make it an attractive investment for discerning buyers. The minimal landlord responsibilities associated with the net lease structure contribute to the property's overall appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $3,391,430

  6.5%

  $3,130,550

  7%

  $2,906,940

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,985,160

  Geo Method

  $3,023,953

• Alternative Use

  Use

  Valuation

  Residential

  $2,640,736

  Hospitality

  $2,418,900

  Educational

  $2,012,497

  Medical

  $2,081,710

  Retail

  $3,130,550

Location Insight

City

Allentown

County

Lehigh

State

Pennsylvania

Latitude

40.5593

Longitude

-75.5678

CBSA code

10900

CBSA name

ALLENTOWN-BETHLEHEM-EASTON, PA-NJ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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