Address: 850 Pennsylvania Avenue, Monaca, Pennsylvania, United States 15061
Cap Rate: 5.75%
Lease Type: NNN
Annual Rent: $268,404
Net Operating Income: $268,404
Lease Term Remaining: 12.50+
Rental Increases: 5% Each Option Period
Options: Ten (10), Five (5)-Year Options
Year Built: 2006
Rentable Sq/Ft: 11,945 SF
Rent Sq/Ft: $22.47
Price Sq/Ft: $391
Lot Size: +/- 1.20 Acres
Marcus and Millichap is pleased to present the exclusive offering of a CVS Pharmacy and Cumberland Farms located at 850 Pennsylvania Avenue in Monaca, Pennsylvania. The property consists of 11,945 square feet of building space and is situated on roughly 1.20 acres of land. The CVS is subject to an original 25-year triple net (NNN) lease, which commenced on May 1, 2007. The current annual rent is$268,404. The rent will increase by 5% in each of the 5-year tenant renewal option periods.
This CVS Property is located at 850 Pennsylvania Avenue, Monaca, Pennsylvania. Monaca is located along the Ohio River, approximately 25 miles northwest of Pittsburgh.
This CVS is strategically located along Pennsylvania Avenue, where it intersects with 9th Avenue and the Monaca-Rochester Bridge. This intersection has an average daily traffic count of 17,999 vehicles. Nearby, the intersection of Pennsylvania Avenue and 6th Street has an average daily traffic count of 14,965 vehicles. There are approximately 34,220 people residing within a three-mile radius and more than 68,890 residing within a five-mile radius of this CVS.
Located less than 20-miles from this CVS property is the Pittsburgh International Airport, which served roughly 8,309,750 passengers last year. This CVS benefits from its strategic location in close proximity to a variety of national retailers. National retailers include: Wal-Mart, Lowe’s, Aldi, Target, Panera, McDonald’s, Taco Bell, Starbuck’s and many more. There are numerous hospitality locations near this CVS property including: Hampton Inn, Fairfield Inn and Suites, Comfort Inn, and Holiday Inn Express. Less than 2.5-miles from the subject property is the Beaver Valley Mall, which contains over 1.1 million square feet of retail, including nearly 100 stores, a food court, and a fitness center. Additionally, located in close proximity to this CVS are three college campuses, Penn State Beaver Campus, Community College of Beaver County, and Geneva College. The colleges have a combined enrollment that exceeds 6,300 students.
Monaca is a borough in Beaver County, PA, approximately 25 miles northwest of Pittsburgh. Pittsburgh has re-invented itself as a hub for education, medicine, and research. The area has also served as the long-time federal agency headquarters for cyber defense, software engineering, robotics, energy research, and the nuclear navy. The area is home to 68 colleges and universities. The nation’s fifth-largest bank, eight fortune 500 companies, and six of the top 300 U.S. law firms make their global headquarters in the Pittsburgh area. BNY Mellon, Nova, FedEx, Bayer, and NIOSH have regional bases that helped Pittsburgh become the sixth-best area for US job growth. Pittsburgh is rapidly rising to the top of cities worth visiting. Recently, Pittsburgh was rated the nation’s “No. 1 Food City” by Zagat and “Top Destinations on the Rise” by TripAdvisor.
Broker of Record: Sean Beuche Lic. # RM424190