Zen Leaf Dispensary Investment
590 W Plank Rd Altoona, PA 16602
590 W Plank Rd, Altoona, PA, 16602
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For Sale
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Single-tenant Zen Leaf dispensary with corporate-guaranteed lease and annual rent increases.
Property Size10,606 SF
Price / SF$250.14
Days on Market627
Property Features for 590 W Plank Rd
General Information
- Standard status
- Active
- Size
- 10,606 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2020
Listing Agency
SRS Real Estate Partners McLean
(202) 286-1542
Listed by
Andrew Fallon · License #DC SP200204411
Source
Crexi
Added: Oct 30, 2024 Checked: Jul 16 at 4:51 am
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 SRS Real Estate Partners McLean
Investment Insights
Based on property information with market context.
An investment opportunity is available at the Zen Leaf Dispensary, located at 590 W Plank Road, Altoona, Pennsylvania. This single-tenant property features a corporate-guaranteed lease with 7 years remaining and 2% annual rent increases. Zen Leaf is backed by Verano Holdings Corp, a cannabis operator. Verano operates in 13 states across 132 retail stores. The lease includes limited landlord responsibilities, making it a passive investment. The property size is 10606 square feet.
Key Highlights
- Corporate‑guaranteed lease with 7 years remaining, providing stable income.
- Enjoy 2% annual rent increases, ensuring growing returns.
- Tenant is Zen Leaf, backed by Verano Holdings Corp, a top 5 MSO in the rapidly growing U.S. cannabis industry.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $159.1k | $15.00 |
| − Vacancy | −$16.7k | −$1.58 |
| EGI | $142.4k | $13.43 |
| − OpEx | −$35.6k | −$3.36 |
| NOI | $106.8k | $10.07 |
10,606 SF · lease $15.00/SF/yr · vacancy 10.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.53M
$1.33M – $1.78M
NOI $106,789 @ 7.0% cap · market cap 4.03%
Second Best
Retail
$1.52M
$1.33M – $1.78M
NOI $106,686 @ 7.0% cap · market cap 4.02%
Theoretical Best
Warehouse
$12.88M
$11.27M – $15.03M
NOI $901,747 @ 7.0% cap · market cap 33.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Zen Leaf - Altoona
Pharmacy
Similar For Sale Nearby
Similar Off Market Nearby
- Sharon K. Beckstead, RPH — 100 Park Hills Plaza, Altoona, PA 16602
- Sara E. Carlheim, PharmD — 100 Park Hills Plaza, Altoona, PA 16602
- Weis Markets Pharmacy — 275 Park Hills Plaza, Altoona, PA 16602
- CBD of Altoona PA — 516 W Plank Rd, Altoona, PA 16602
- Zen Leaf - Altoona — 590 W Plank Rd, Altoona, PA 16602
FAQs
What type of property is this?
Drug store - Single-tenant Zen Leaf dispensary with corporate-guaranteed lease and annual rent increases.
Where is this drug store located?
The property is located at 590 W Plank Rd Altoona, PA.
What is the asking price?
The asking price for this property is $2,653,000.
What are key features of this property?
This property features: Corporate‑guaranteed lease with 7 years remaining, providing stable income.; Enjoy **2% annual rent increases**, ensuring growing returns.; Tenant is Zen Leaf, backed by Verano Holdings Corp, a top 5 MSO in the rapidly growing U.S. cannabis industry.
