217 Lancaster Ave, Wayne, PA 19087-3526
- Commercial land
- 0.10 lot acres
Current Use by Public Records
- Commercial land
Property Details for 217 Lancaster Ave
- Lot size
- 0.10 lot acres
- Property type
- Commercial land
- APN
- 36-01-00321-01
- APU
- 36010032101
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 29, 2017 | — | Michael G O'neill | — | Deed · related | $700k · Meridian Bank |
| May 24, 2017 | — | 217 Lancaster Partners LLC | Oneill,michael & Jeannie | Grant Deed | — |
| Jun 29, 2015 | $657,500 | Michael Oneill | 217 Lancaster Associates LP | Grant Deed | — |
Description
This exceptional investment opportunity presents a fee-simple, 3,640 square foot retail condominium in Wayne, Pennsylvania, currently 100% occupied by Bank of America under an absolute NNN lease. The property boasts a strong 6.25% cap rate, with a substantial Net Operating Income (NOI) of $420,223. The lease, originally commencing December 16, 2006, has a remaining term of 2.1 years, followed by 4-5 year renewal options. Rent increases are structured with a 10% bump every five years or a five-year CPI adjustment, ensuring consistent income growth. The property is situated on a 0.62-acre lot with 38 parking spaces and is zoned for commercial use. Built in 2006, this Class B property benefits from a credit-rated tenant with a corporate guarantee, minimizing landlord responsibilities. Located at 217 E Lancaster Ave, Wayne, PA 19087, this asset offers a stable, passive income stream in a prime location within the affluent Main Line region, just 12 miles from downtown Philadelphia. The property's strategic location benefits from high daily traffic volume.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Wayne
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.3836
- Latitude
- 40.0441
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
