2244 Oakland Ave Indiana, PA 15701-3385
- Investment properties
- 4,920 SF
- 0.85 lot acres
Current Use by Public Records
- Ayr Wellness Medical Marijuana Dispensary Indiana / Cannabis Store / Alternative Medicine Practitioner
Property Details for 2244 Oakland Ave
- Year built
- 1980
- Lot size
- 0.85 lot acres
- Property size
- 4,920 SF
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 42-015-155
- APU
- 42015155
Description
This exceptional investment opportunity presents a fee-simple interest in a 7,780 square foot retail property located at 2244 Oakland Ave, Indiana, PA 15701. The property boasts two buildings on a 0.85-acre lot, currently 100% occupied by Jersey Mike's Subs and AYR Wellness, a publicly traded cannabis operator. Both tenants operate under a net lease structure with limited landlord responsibilities, offering a passive income stream. The weighted average lease term remaining is approximately 9.5 years, commencing April 26, 2022, and expiring May 30, 2034. Annual rent bumps are in place, with Jersey Mike's at 2% and AYR Wellness at 3%. Lease options exist for both tenants. The property enjoys a prime location on a major retail corridor, adjacent to the Indiana Mall and within close proximity to Indiana University of Pennsylvania, benefiting from significant traffic and a strong local economy. The property's strong tenant lineup, long lease terms, and attractive cap rate of 7.5% (based on a Net Operating Income of $239,184 and an asking price of $3,190,000) make it an ideal addition to any diversified investment portfolio. The property's location near numerous national retailers and the university further enhances its value and potential for long-term growth. Pennsylvania's limited number of cannabis dispensaries adds to the investment's appeal. The property offers a compelling combination of stability, growth potential, and passive income generation.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $615,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $760,000
- 6.5%
- $750,000
- 7%
- $770,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $610,000
- Geo Method
- $750,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $610,000
- Retail
- $775,000
- Mixed-Use
- $800,000
- Hospitality
- $575,000
- Educational
- $785,000
- Residential Income
- $780,000
- Energy
- $615,000
- Income-Based Land
- $770,000
- Food Service
- $745,000
Location Insight
- Map
- Local Demand
- City
- Indiana
- County
- Indiana
- State
- Pennsylvania
- Longitude
- -79.1806
- Latitude
- 40.6082
- CBSA code
- 26860
- CBSA name
- INDIANA, PA MICROPOLITAN STATISTICAL AREA
