1664 Pa-228, Cranberry Township, PA 16066

Property Details for 1664 Pa-228

Year built

2023

Lot size

1.71 lot acres

Property type

Retail properties & Spaces

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a 6,077 square foot Sheetz convenience store and gas station located on a 1.71-acre lot in Cranberry Township, Pennsylvania. The property boasts a fee-simple ownership structure with a corporate-guaranteed, absolute NNN ground lease with Sheetz Inc., a financially strong and rapidly expanding convenience store chain. The lease has a remaining term of approximately 13.7 years, extending to July 31, 2038, and includes built-in rent bumps of 3% in years 6 and 10, and a substantial 10% increase during each of the seven option periods, ensuring consistent yield growth. The property generated a net operating income (NOI) of $234,000 in 2023, representing a 5.25% capitalization rate on the asking price of $4,457,143. Built in 2023, this Sheetz enjoys exceptional visibility on PA-228 (25,701 vehicles per day), with convenient access and proximity to major interstates (I-79, I-76, Route 19) and significant employers, including AMSA International, Giant Eagle Corporate, and PPG Paints. The surrounding area features a high daytime population due to nearby schools, senior living communities, and apartments, complementing the strong retail environment anchored by national brands like Lowe's, Target, and Kohl's. Cranberry Township's affluent demographics, with average household incomes exceeding $172,000 within a 5-mile radius, further enhance the investment's appeal. This is a rare opportunity to acquire a high-performing, low-maintenance asset in a prime location.

Location Insight

City

Cranberry Township

County

Butler

State

Pennsylvania

Longitude

-80.0771

Latitude

40.6852