Current Use by Public Records
- Zen Leaf - Altoona / Pharmacy
Property Details for 590 Plank Rd
- Year built
- 2020
- Lot size
- 0.87 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Altoona
- County
- Blair
- State
- Pennsylvania
- Longitude
- -78.4074
- Latitude
- 40.469
