Fully Leased, 24,658 SF 2-Tenant Strip Center in Oil City, PA
8.5 Years WALT (Weighted Avg. Lease Term)
Average In-Place Rent of $8.76/SF NNN ($9.25/SF All-in); Priced Below Replacement Cost at $103/SF
Former Grocery Store Renovated & Re-tenanted with Advance Auto & Goodwill in 2018/19 with New 10 & 15-Year Leases, Respectively
Goodwill of North Central PA (71% of GLA) Leased thru 2033
Goodwill Self-Maintains CAM Responsibilities, Very Passive/LL-Friendly Investment Opportunity
$1.5M of Landlord Improvements (Roof/HVAC/P-Lot/Façade/Landscaping) in 2018/2019 Renovation; Additional Tenant Improvements Paid Direct by Tenants
Advance Auto Parts (29% of GLA) on Pro Rata NNN Lease thru 9/2029
Pro Rata/Base Year Reimbursement Structures Mitigate NOI Slippage Risk Due to Any Future Inflation of Tax, CAM, and Insurance Expenses
Ideal Tenant-Demographic Fit and Daily Needs, E-Commerce Proof Tenancy
Located Along Route 62/E Front Street with Prime Visibility & 300 Feet of Frontage to 9,060 VPD; dditional Ingress/Egress to E 2nd Street
Central Location within “Oil City’s South Side” Downtown Area Adjacent to Giant Eagle, CVS, and Rite Aid
Goodwill Industries of North Central PA Operates 25 Stores & Donation Centers throughout Other Well-Known Central PA Markets Including State College, Clarion, DuBois, Cranberry, Punxsutawney, Williamsport, and More
Goodwill Industries is an International Nonprofit with 160+ Independent Local “Franchisees” in the U.S. and 13 Countries; 3,300+ Retail Stores & Companywide Revenue of $7.4 Billion in 2022
Advance Auto Parts (NYSE: AAP) has $5 Billion Market Cap; Reported $11.3 Billion Revenue in FY2023
16,842/5-Mile & 35,550/10-Mile Population Counts
Oil City, PA – Largest City in Venango County & Principal City of the Oil City MSA with a Population of 50,000
60 Miles South of Erie, PA; 70 Miles North of Pittsburgh Suburbs