245 Wilkes Barre Township BlvdWilkes-Barre Township, PA 18702

Property Details for 245 Wilkes Barre Township Blvd

Lot size

9.16 AC

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

69-H10-00A-18T

APU

69H1000A18T

Description

This exceptional investment opportunity presents a 64,252-square-foot Price Chopper grocery store located at 245 Wilkes Barre Township Blvd, Wilkes-Barre Township, PA 18702. The property sits on a 9.16-acre lot and boasts a 7.00% cap rate with a Net Operating Income (NOI) of $899,528. The asking price is $12,850,000, translating to $199.99 per square foot. This is a single-tenant, absolute NNN lease with Price Chopper, the third largest grocery chain in Luzerne County, holding a significant 8.20% market share. The lease commenced on December 1, 2008, and has a remaining term of approximately 9 years, with a 25-year initial term and one four-year and eleven-month option remaining. The property benefits from a corporate guarantee from The Golub Corporation, a subsidiary of Northeast Grocery Inc., with a B+ credit rating (Fitch). Built in 2008, the property enjoys 100% occupancy and is strategically located in Luzerne County's main retail corridor, within a 5-mile radius of 12 million square feet of retail space and a low 2.7% vacancy rate. Nearby major retailers include Walmart, Home Depot, Target, and many more. The property's proximity to Arena Hub Plaza, Wyoming Valley Mall, and Joe Amato East End Centre, which generate over 9 million annual visits, further enhances its desirability. The area also benefits from a substantial industrial hub and is situated near Kings College and Wilkes University, with a combined student population and employee base exceeding 7,800. This presents a compelling investment opportunity with a strong tenant, long-term lease, and prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $90,533,176

  6.5%

  $83,569,088

  7%

  $77,599,864

• Comparable approach

  Method

  Valuation

  Relative Method

  $77,101,664

  Geo Method

  $131,379,312

• Alternative Use

  Use

  Valuation

  Residential

  $70,493,648

  Hospitality

  $64,571,804

  Educational

  $53,722,984

  Medical

  $55,570,600

  Retail

  $83,569,088

Location Insight

City

Wilkes Barre

County

Luzerne

State

Pennsylvania

Latitude

41.2411

Longitude

-75.8598

CBSA code

42540

CBSA name

SCRANTON--WILKES-BARRE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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