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Somerset, PA - Somerset Plaza

$3,564,000

1606 N. Ctr Avenue, Somerset, PA 15501

Active
Last Updated: 09/18/2024

8.5

Cap Rate

302,920

NOI

Details:
Cap Rate:    8.5%
NOI:    $302,920
Building Size:    37,497 sqft
Occupancy:    100%
Year Built:    1982
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 recently completed major remodel and signed an early 5-year extension to 2029, demonstrating their commitment to the site
• Shoe Sensation just executed option to extend for another 5-year
• Drayer Physical Therapy also extended their lease early
• Giant Eagle(60,842 SF), and ALDI (32,833 SF) both own their stores, shadow anchor the shopping center, significantly increasing consumer traffic to the site.
• Giant Eagle Closed two other stores and consolidated to this location.

• 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.

Map:
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