Sheetz Property on Racetrack
For Sale
Contact for pricing
300 Racetrack Rd, Washington, PA 15301
Sheetz property with absolute-net ground lease and corporate guarantee.
Property Size5,700 SF
Price / SF$492.63
Days on Market777
Property Features for 300 Racetrack Rd
General Information
Standard status
Active
Size
5,700 SF
Property subtype
Retail
Zoning
C-2
Building Details
Year Built
2019
Listing Agency:
CBRE - Philadelphia Suburban
(484) 567-2340
Listed By:
Matthew Gorman · License #PA RS287470
Source:
Crexi
Added: Jun 24, 2024
Changed: Aug 8
Last Checked: May 12 at 10:48PM
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 Sheetz property is located on Racetrack Road in Washington, Pennsylvania, at the entry point to the Hollywood Casino & Meadows Racetrack. The property features an absolute-net ground lease, requiring no landlord management or maintenance. The lease has more than 10 years remaining in the base term and includes 10% rental increases in each of the seven, five-year renewal options. The lease is corporately guaranteed by Sheetz Inc., a convenience store chain with over 700 locations throughout Pennsylvania, North Carolina, Virginia, West Virginia, Ohio, and Maryland, with plans to expand into Michigan. Sheetz's revenues in 2023 exceeded $14 billion, and the company is ranked 27th on Forbes' list of private companies. The property size is 5700 square feet.
Key Highlights
- Trophy location at the only point of entry to the Hollywood Casino & Meadows Racetrack.
- Absolute‑net ground lease with no landlord management or maintenance obligations.
- Corporately guaranteed lease by Sheetz Inc.
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
$122,945
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
4.38%
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%
$2,458,900
$2.5M
Cap Rate 7%
$1,756,357
$1.8M
Cap Rate 9%
$1,366,056
$1.4M
Market Conditions
NOI Build-Up for 5,700 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
$182.6K $32.04/SF
− Vacancy
−$18.7K −$3.28/SF
EGI
$163.9K $28.76/SF
− OpEx
−$41.0K −$7.19/SF
NOI
$122.9K $21.57/SF
Area
Washington County, PA
Vacancy
10.24%
Lease Rate
$32.04 /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%
$2,458,900
Cap Rate 7%
$1,756,357
Cap Rate 9%
$1,366,056
Alternative Uses
Best Use
Specialty Retail
$1.76M
$1.54M – $2.05M
NOI $122,945 @ 7.0% cap · market cap 4.38%
Second Best
Retail
$820.8K
$718.2K – $957.6K
NOI $57,456 @ 7.0% cap · market cap 2.05%
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
388
Businesses Nearby
123k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 38%
Hotels & Casinos 18%
Sheetz
Shops & Services
46,455 visits/mo
0.1 miles
Primanti Bros.
Dining
20,313 visits/mo
0.2 miles
Starbucks
Dining
15,184 visits/mo
0.2 miles
Waffle House
Dining
10,341 visits/mo
0.5 miles
Hyatt Place
Hotels & Casinos
7,860 visits/mo
0.1 miles
Demographics for 15301, PA
48,963
Population
24,001
Households
2
Avg Household Size
45
Median Age
27%
College-Educated
92%
High-School Grad
122.0 sq mi
ZIP Area
401
Density / Sq Mi
$69,275
Median Household Income
$43,546
Median Earnings
$927
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Sheetz property with absolute-net ground lease and corporate guarantee.
Where is this gas station located?
The property is located at 300 Racetrack Rd Washington, PA.
What is the asking price?
The asking price for this property is $2,808,000.
What are key features of this property?
This property features: Trophy location at the only point of entry to the Hollywood Casino & Meadows Racetrack.; Absolute‑net ground lease with no landlord management or maintenance obligations.; Corporately guaranteed lease by Sheetz Inc.
