644 Frederick St, Hanover, PA 17331
- Retail space
- 4,928 SF
- 0.73 lot acres
Current Use by Public Records
- Retail space
Property Details for 644 Frederick St
- Lot size
- 0.73 lot acres
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional investment opportunity presents a fee-simple, single-tenant, net-leased (NNN) retail property located at 644 Frederick St, Hanover, PA 17331. The 4,928 square foot building sits on a 0.73-acre lot and is currently 100% occupied by Fluent, a pharmacy under the corporate guarantee of Cansortium, a multi-state operator with a proven track record of success. The lease commenced June 1, 2022, and expires May 31, 2032, offering a remaining lease term of 7.5 years. The asking price is $2,956,224, representing a compelling 10.25% cap rate based on a current Net Operating Income (NOI) of $303,013. The property benefits from a strong corporate guarantee, minimizing landlord responsibilities. The lease includes scheduled rent bumps of $20,000 in June 2025, 2027, 2029, and 2031, ensuring future income growth. The tenant's strong historical sales and limited competition within a thriving Pennsylvania cannabis market further enhance the investment potential. This property is an ideal addition to any portfolio seeking stable, high-yield returns with minimal management requirements. The price per square foot is $599.88. The building is a single-story structure.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Hanover
- County
- York
- State
- Pennsylvania
- Longitude
- -76.994670990701
- Latitude
- 39.791211655986
