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    590 Plank Rd Altoona, PA 16602

    Sponsored
    For Sale
    $2,830,000

    High-Yield NNN Lease, Strong Tenant

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional investment opportunity presents a 10,606 square foot retail storefront in Altoona, Pennsylvania, currently leased to a credit-rated tenant, Zen Leaf, under a Net Lease (NNN) agreement. The property, built in 2020 and situated on a 0.87-acre lot at 590 W Plank Rd (APN: 14.00-15..-005.02-000), boasts a highly desirable location as an outparcel to Logan Valley Mall, a major shopping center anchored by Macy's and JCPenney, and across from Park Hills Plaza, a thriving grocery-anchored center. The lease commenced May 1, 2021, and has a remaining term of 6.5 years with four 5-year renewal options, ensuring long-term income stability. The current annual rent includes a 2% annual increase, providing consistent growth potential. The property generates a substantial Net Operating Income (NOI) of $212,242, resulting in an attractive 7.50% cap rate. The strong tenant, Zen Leaf, a subsidiary of Verano Holdings Corp., a leading multi-state cannabis operator, benefits from the rapidly expanding cannabis retail market. This prime location, surrounded by other national retailers, offers excellent visibility and high foot traffic, making it an ideal investment for discerning buyers seeking a secure, high-yield, and long-term asset. The property's strategic placement within Altoona's retail corridor, coupled with the tenant's financial strength and lease terms, presents a compelling opportunity for significant returns. This is a fee-simple ownership.

    Property Features for 590 Plank Rd

    General Information

    Property type
    Individual retail properties
    Lot Size
    37,897 SF

    Building Details

    Year Built
    2020

    HighLights

    • 7‑year lease with four 5‑year renewal options for a 10,606 SF retail space.
    • Lease includes 2% annual rent increases.
    • Tenant is Zen Leaf, a subsidiary of Verano Holdings Corp., a publicly traded multi‑state cannabis operator.
    • Property is an outparcel to Logan Valley Mall in Altoona, PA, across from Park Hills Plaza, and near other national retailers.
    • High‑traffic location in a strong retail corridor.
    • Property generates a $212,242 NOI, representing a 7.5% cap rate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Zen Leaf - Altoona Pharmacy

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Altoona
    County
    Blair
    State
    Pennsylvania
    Longitude
    -78.4073953
    Latitude
    40.4689666

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    FAQs

    What type of property is this?
    Individual retail property - High-Yield NNN Lease, Strong Tenant
    Where is this individual retail property located?
    The property is located at 590 Plank Rd Altoona, PA.
    What is the asking price?
    The asking price for this property is $2,830,000.
    What are key features of this property?
    This property features: 7-year lease with four 5-year renewal options for a 10,606 SF retail space.; Lease includes 2% annual rent increases.; Tenant is Zen Leaf, a subsidiary of Verano Holdings Corp., a publicly traded multi-state cannabis operator.
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    590 Plank Rd Altoona, PA 16602
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