Wawa Absolute-Net Lease Investment
For Sale
Contact for pricing
101 Easton Rd, Willow Grove, PA 19090
Absolute-Net Lease investment leased to Wawa, Inc. with over 12 years.
Property Size5,585 SF
Price / SF$1,285
Days on Market170
Property Features for 101 Easton Rd
General Information
Standard status
Active
Size
5,585 SF
Class
A
Property subtype
Retail, Special Purpose
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$394,849
Building Details
Year Built
2018
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - Philadelphia Suburban
(484) 567-2340
Listed By:
Matthew Gorman · License #PA RS287470
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 11 at 7:25PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Philadelphia Suburban
Investment Insights
Based on property information with market context.
This Absolute-Net Lease investment opportunity is leased to Wawa, Inc. and situated at the signalized intersection of Easton Road and Blair Mill Road in Horsham, Pennsylvania. The property benefits from strong visibility at a signalized hard corner along a heavily trafficked retail corridor with exposure to 66,775 vehicles per day. The Wawa operates on a long-term, corporately guaranteed Absolute-Net Lease with more than 12 years remaining on the initial 20-year term. The lease includes six five-year renewal options, and scheduled 10 percent rental increases every five years throughout both the base term and all option periods. The Absolute-Net Lease structure provides a completely passive ownership experience, with Wawa responsible for all operating expenses, management, and capital items, including roof and structure. The property is situated within a larger retail site also occupied by CVS and P.J. Whelihan’s, along with two additional improved and fully approved shovel-ready pad sites that provide future development upside across the overall site. The strong co-tenancy and established retail environment further enhance the long-term durability of the real estate. The property size is 5585 square feet. Wawa, Inc. is a convenience store and fuel operator in the eastern United States and carries a shadow credit rating equivalent to BBB. The company ranks #21 on the Forbes 2025 list of America’s Top Private Companies and is Pennsylvania’s largest private company, generating approximately $18.64 billion in annual revenue. Wawa’s investment-grade credit profile and brand strength make it one of the most sought-after tenants in the net lease sector.
Key Highlights
- Absolute‑Net Lease with Wawa, Inc. providing completely passive ownership.
- Long‑term lease with over 12 years remaining, plus six five‑year renewal options.
- Scheduled 10 percent rental increases every five years.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$224,879
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,497,580
$4.5M
Cap Rate 7%
$3,212,557
$3.2M
Cap Rate 9%
$2,498,656
$2.5M
Market Conditions
NOI Build-Up for 5,585 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$313.0K $56.04/SF
− Vacancy
−$13.1K −$2.35/SF
EGI
$299.8K $53.69/SF
− OpEx
−$75.0K −$13.42/SF
NOI
$224.9K $40.26/SF
Area
Montgomery County, PA
Vacancy
4.20%
Lease Rate
$56.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,497,580
Cap Rate 7%
$3,212,557
Cap Rate 9%
$2,498,656
Alternative Uses
Best Use
Specialty Retail
$3.21M
$2.81M – $3.75M
NOI $224,879 @ 7.0% cap · market cap 3.13%
Second Best
Retail
$963.1K
$842.7K – $1.12M
NOI $67,415 @ 7.0% cap · market cap 0.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,292
Businesses Nearby
547k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 30%
Apparel 24%
Dining 22%
Groceries 16%
Five Below
Shops & Services
95,158 visits/mo
0.2 miles
DICK'S Sporting Goods
Apparel
64,689 visits/mo
0.4 miles
Giant Food Store
Groceries
46,784 visits/mo
0.2 miles
Raising Cane's Chicken Fingers
Dining
43,118 visits/mo
0.4 miles
Bloomingdale's
Apparel
42,396 visits/mo
0.5 miles
Demographics for 19090, PA
20,180
Population
8,141
Households
2.5
Avg Household Size
39
Median Age
43%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
4,387
Density / Sq Mi
$97,341
Median Household Income
$55,254
Median Earnings
$1,606
Median Rent
$338,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Absolute-Net Lease investment leased to Wawa, Inc. with over 12 years.
Where is this grocery and convenience store located?
The property is located at 101 Easton Rd Willow Grove, PA.
What is the asking price?
The asking price for this property is $7,179,000.
What are key features of this property?
This property features: Absolute‑Net Lease with Wawa, Inc. providing completely passive ownership.; Long‑term lease with over 12 years remaining, plus six five‑year renewal options.; Scheduled 10 percent rental increases every five years.
