198 N. Penn. Ave. - Turkey Hill Store #196

198 N. Pennsylvania Avenue
Wilkes-Barre, PA 18702

Summary

Available for sale is a net leased Turkey Hill gas station and convenience store with three (3) years remaining on the current lease term and six (6) remaining 5-year extension options with 10% increases every five years. Turkey Hill completed a significant upgrade to the gasoline facilities with the installation of new dispensers and upgraded piping and tank components in May of 2017 exhibiting a commitment to the site. HIGHLIGHTS: 1. Insulation from inflation risk with both percentage rent and 10% base rent increases every five years. 2. Lessee exhibited commitment to the site as they recently (May 2017) completed a significant upgrade to the gasoline facilities with the installation of new dispensers and upgraded piping and tank components. 3. Property is located adjacent to King’s College. 4. At the asking price of $950,000, the cap rate is 7.2% based on current base rent of $57,420 and percentage rent of $10,740. 5. This is a net lease with few Landlord responsibilities.

Property Details

Overview

Land (Acres) 0.41
Site Topography Generally Level
Zoning C-4 (Heavy Commercial District)
Primary Use Retail
Secondary Use Retail
Year Built 1991
Construction Status Completed

Comments

■ PIN: H10SW1022007-73
■ Block/Masonry Exterior
■ Shingle Roof
■ 100 ft. Frontage
■ 14 ft. Ceiling Heights
■ Insulated
■ 2018 Taxes - $12,491

Dimensions

Building (SF) 2,800

Space Details

Availability

Min SF 2,800
Max SF 2,800
# of Floors 1

Utilities

Comments ■ Public Utilities ■ Gas Forced Hot Air Heat ■ Central A/C

Parking

# of Existing Vehicular Spaces 7

Terms

Transaction Type Sale
Sale Price $950,000.00

Location & Access

Description

Highlights

Property Near

North Street

Property Access

N. Street and N. Penna. Ave.

General

County

Luzerne

Market

PA-Wilkes-Barre/Scranton

Submarket

Wilkes-Barre

call icon Contact

Daniel A. Naylor, CCIM

Make an Inquiry