Somerset, PA - Somerset Plaza
1606 N. Ctr Avenue, Somerset, PA
$3,691,000
Price
8%
Cap Rate
$295,264
NOI
Overview
Description
• Harbor Freight Tools (1,300+ locations nationwide), and Dollar General (NYSE: DG) anchor the shopping center comprising 60% of GLA and 53% of rental revenue.
• Harbor Freight Tools has over 5 years remaining in their initial term with an additional 5 (5-Year) options to extend. Dollar General has approximately 2 years remaining with 2 (5-Year) options, demonstrating their commitment to the site.
• Both leases have scheduled rent increases throughout initial terms and option periods, steadily growing NOI and hedging against inflation.
• Giant Eagle(60,842 SF), and ALDI (32,833 SF) are both grocery shadow anchors at the shopping center, significantly increasing consumer traffic to the site.
• Located along State Highway 601, a primary commercial thoroughfare that serves the Somerset trade area, averaging 13,700 vehicles passing by daily.
• The property benefits from excellent visibility via a large pylon sign directly on State Highway 601.
• Multiple points of ingress/egress.
Listing ID: a288X000003lqNUQAY