1074 Barring Ave Scranton, PA 18508
- Industrial properties
- 75,000 SF
- 3.02 lot acres
Current Use by Public Records
- North American Manufacturing / Manufacturer
Property Details for 1074 Barring Ave
- Year built
- 1980
- Lot size
- 3.02 lot acres
- Property size
- 75,000 SF
- Property type
- Industrial properties
- Property subtype
- Manufacturing properties
Description
This fee-simple industrial property in Scranton, PA, presents a compelling investment opportunity. The 75,000 square foot facility, built in 1980 and renovated in 2020, sits on a 3.02-acre lot at 1074 Barring Ave, 18508. Currently 100% occupied by North American Manufacturing under a 20-year absolute NNN lease (commencing December 31, 2020, and expiring December 31, 2040), offering a substantial 16.1 years of remaining lease term. The lease includes 2% annual rent increases and four to five-year renewal options, ensuring consistent income growth. The tenant, North American Manufacturing, is a financially stable entity with a long operational history (nearly 50 years) and a strong corporate guarantee, mitigating credit risk. The current NOI is $243,547, yielding a 7.49% cap rate, with a pro-forma NOI of $283,721 and a pro-forma cap rate of 8.73%. The asking price is $3,250,000, translating to a price per square foot of $43.33, which is below replacement cost. This property offers predictable cash flows and significant long-term value, making it an attractive addition to any portfolio. The tenant specializes in high-quality equipment for the U.S. military and other government agencies, providing further stability and predictable income. North American Manufacturing was recently acquired by KAHO Partners, a long-term investment partner with over $100 million in government manufacturing contracts.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Scranton
- County
- Lackawanna
- State
- Pennsylvania
- Longitude
- -75.661
- Latitude
- 41.424
