Address: 1074 Barring Ave, Scranton, Pennsylvania, United States 18508
Cap Rate: 7.63%
Lease Type: Triple-Net (NNN)
Annual Rent: $225,000
Net Operating Income: $225,000
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5)-Year Tenant Renewal Options
Rentable Sq/Ft: 75,000 SF
Rent Sq/Ft: $3
Price Sq/Ft: $39
Lot Size: +/- 3.02
Marcus & Millichap is pleased to present the exclusive listing for North American Manufacturing Corporation located at 1074 Barring Avenue in Scranton, Pennsylvania. The site consists of roughly 75,000 rentable square feet of building space on an estimated 3.02-acre parcel of land. The investment opportunity is subject to a brand new 20-year, triple net (NNN) sale-leaseback. The lease will commence upon close of escrow and will be subject to four (4), ﬁve (5)-year tenant renewal options.. The initial rent will be $225,000 and will increase by two percent (2.00%) annually.
The North American Manufacturing property is situated on Barring Avenue. Barring Avenue has many industrial and manufacturing businesses along it and is located within close proximity of U.S. Route-11, which brings approximately 31,100 vehicles on average into the immediate area on a daily basis. There are more than 123,146 individuals residing within a five-mile radius of the property and more than 214,519 individuals within a ten-mile radius.
The subject property benefits from being well-positioned in a dense manufacturing and industrial area, that also encompasses a large residential area, as well as national and local retail tenants all within close proximity of this property. Major national tenants in the area include: Giant Supermarket, Walgreens, CVS Pharmacy, Planet Fitness, Taco Bell, Arby’s, Wendy’s, McDonald’s, as well as many others. There are also several manufacturing and industrial companies in the direct area such as: Nammo, Microbac, Diamond Incorporated, Meier Supply Co. Inc., Pennsylvania Paper & Supply Company, OnePoint, United Gilsonite Labratories, PPL Electronic Utilities, Mesko Glass, and Friedman Electric. There are also several academic institutions within the area. Most notably are Scranton High School, which enrolls over 1,700 students and the University of Scranton, which enrolls over 6,000 students.
Broker of Record: Sean Beuche License #RM424190