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    Zen Leaf Dispensary Investment Opportunity Title is generated by Realmo AI

    590 W Plank Rd, Altoona, PA 16602

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    Single-tenant Zen Leaf dispensary with corporate-guaranteed lease and annual rent increases.

    Type:Retail
    Property size:
    10,606 SF
    Price / SF:
    $250/SF
    Added:
    Oct 30, 2024
    Days on Market:
    581
    Last Refresh:
    May 12 at 9:25 pm

    Property Features for 590 W Plank Rd

    General Information

    Standard status
    Active
    Size
    10,606 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2020

    We can help!

    Listing Contact
    Andrew Fallon
    Andrew Fallon

    Listing agent Andrew Fallon License #VA 0225193951

    Listing office SRS Real Estate Partners McLean

    Listing date Oct 30, 2024

    Source Crexi

    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

    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.
    • Four options to extend the lease, offering long‑term investment potential.
    • Limited landlord responsibilities, creating a passive investment opportunity.
    • Property built in 2020, indicating modern construction and minimal deferred maintenance.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Zen Leaf - Altoona Pharmacy

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Similar Places 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

    Location Insight

    • Map
    • Local Demand
    City
    Altoona
    County
    Blair
    State
    Pennsylvania
    Longitude
    -78.405752
    Latitude
    40.47364

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    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.
    (202) 286-1542 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Andrew Fallon
    Andrew Fallon
    Real Estate License ID: VA 0225193951
    Learn More
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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