2605 Philadelphia Ave Chambersburg, PA 17201-7908
- Retail space
- 12.00 lot acres
Current Use by Public Records
- Dollar Tree / Kitchen Supply Store / School Supply Store
Property Details for 2605 Philadelphia Ave
- Lot size
- 12.00 lot acres
- Property type
- Retail space
- APN
- 09-C12-34A
- APU
- 09C1234A
Description
This exceptional 78,462 square-foot shopping center in Chambersburg, Pennsylvania, presents a compelling investment opportunity. Boasting a 100% occupancy rate with nine tenants, including a major anchor tenant, Orrstown Bank, occupying 66% of the gross leasable area (GLA) and having 4.5 years remaining on their lease. The property features a strong tenant mix with a weighted average lease term (WALT) of 3.8 years and an average tenant occupancy of 10.8 years. Nearly 80% of the income benefits from 2% annual rent bumps, ensuring consistent revenue growth. The property benefits from a predominantly NNN lease structure, with only three tenants (19% of GLA) not having management pass-throughs. Built in 1980 and extensively renovated in 2020, the single-story building sits on a 12-acre lot offering ample parking and potential for outlots. Located near Letterkenny Army Depot and adjacent to a McDonald's, the center enjoys a prime location with minimal nearby retail competition. The property features a new roof (2021) with a 15-year warranty. The asking price is $9,600,000, representing a compelling 8.02% cap rate and a price per square foot of $122.35, positioned below replacement cost. This fee-simple ownership opportunity offers significant potential for long-term appreciation and stable cash flow.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $7,175,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $7,580,000
- 6.5%
- $7,695,000
- 7%
- $8,130,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $8,045,000
- Geo Method
- $8,805,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $9,065,000
- Retail
- $7,650,000
- Mixed-Use
- $7,850,000
- Hospitality
- $7,290,000
- Educational
- $6,770,000
- Residential Income
- $9,080,000
- Energy
- $8,400,000
- Income-Based Land
- $8,590,000
- Food Service
- $7,910,000
Location Insight
- Map
- Local Demand
- City
- Chambersburg
- County
- Franklin
- State
- Pennsylvania
- Longitude
- -77.6344
- Latitude
- 39.9722
- CBSA code
- 16540
- CBSA name
- CHAMBERSBURG, PA MICROPOLITAN STATISTICAL AREA
