Building Details

Year Built 1912

Tenancy Single

Listing Agency: Bang Realty

Listed By: Brian Brockman · License #BRK.200900214 Show Phone

Source: Crexi

Added: Jun 1 Changed: Sep 4 Last Checked: Sep 3 at 3:34AM

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Investment Insights

Based on property information with market context.

This absolute NNN offering is leased to Citizens Bank, N.A., rated A- / A3 / BBB+ by S&P / Moody’s / Fitch. The structure provides zero landlord responsibility for taxes, insurance, roof, structure, HVAC, and parking, with the tenant handling those obligations. The package includes two separately leased components: a banking location at 165 South Broad Street and a drive-through/ATM facility at 141 South Center. The property is described as having built-in rent increases, including a 5% increase at the 2028 option, with NOI stated to move to $82,688. Banking has been in place since 1968 in the 1912 Grove City National Bank building.

The asset is positioned on a downtown hard corner. The surrounding economy is described as supported by Grove City College and UPMC Horizon, with the I-79 / Pittsburgh corridor cited as part of the trade area.

For buyers seeking an absolute NNN profile, this two-lease configuration offers a straightforward investment structure with separately leased bank and drive-through/ATM income streams under a single tenant relationship. The long-established banking presence in a historic downtown building is intended to support tenant continuity, while the stated 2028 option provides an identified timing-based rent step.

Key Highlights

• 1912 Grove City National Bank building with long‑term banking use dating back to 1968
• Two separately leased Citizens Bank facilities: 165 S Broad (bank) and 141 S Center (drive‑thru/ATM)
• Absolute NNN structure with zero landlord responsibility for taxes, insurance, roof, structure, HVAC, and parking

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

$55,341

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

5.27%

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%

$1,106,820 $1.1M

Cap Rate 7%

$790,586 $790.6K

Cap Rate 9%

$614,900 $614.9K

Market Conditions

NOI Build-Up for 4,567 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

$82.2K $18.00/SF

− Vacancy

−$8.4K −$1.84/SF

EGI

$73.8K $16.16/SF

− OpEx

−$18.4K −$4.04/SF

NOI

$55.3K $12.12/SF

Area

Mercer County, PA

Vacancy

10.24%

Lease Rate

$18.00 /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%

$1,106,820

Cap Rate 7%

$790,586

Cap Rate 9%

$614,900

Alternative Uses

Best Use

Specialty Retail

$790.6K

$691.8K – $922.4K (±1% cap)

NOI $55,341 @ 7.0% cap · market cap 5.27%

Second Best

Retail

$769.8K

$673.6K – $898.1K (±1% cap)

NOI $53,885 @ 7.0% cap · market cap 5.13%

Theoretical Best

Office A

$1.61M

$1.41M – $1.88M (±1% cap)

NOI $112,659 @ 7.0% cap · market cap 10.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Banks

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Building Supply Parking Lot & Garage Electrical Service HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

410

Businesses Nearby

3k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Kwik Fill Shops & Services

2,805 visits/mo 0.2 miles

Demographics for 16127, PA

15,298

Population

5,731

Households

2.7

Avg Household Size

37

Median Age

37%

College-Educated

94%

High-School Grad

73.2 sq mi

ZIP Area

209

Density / Sq Mi

$69,842

Median Household Income

$27,581

Median Earnings

$863

Median Rent

$199,500

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

NNN property - Two separately leased Citizens Bank facilities provide absolute NNN cash flow with zero landlord responsibility for major expenses.

Where is this nnn property located?

The property is located at 165 South Broad Street Grove City, PA.

What is the asking price?

The asking price for this property is $1,050,000.

What are key features of this property?

This property features: 1912 Grove City National Bank building with long‑term banking use dating back to 1968; Two separately leased Citizens Bank facilities: 165 S Broad (bank) and 141 S Center (drive‑thru/ATM); Absolute NNN structure with zero landlord responsibility for taxes, insurance, roof, structure, HVAC, and parking