645 Washington Ave Jermyn, PA 18433
- Banks
- 14,500 SF
- 0.35 lot acres
Current Use by Public Records
- Banks
Property Details for 645 Washington Ave
- Year built
- 1974
- Lot size
- 0.35 lot acres
- Property size
- 14,500 SF
- Property type
- Banks
Description
This exceptional investment opportunity presents a fee-simple ownership of a 14,500-square-foot bank building situated on a 0.35-acre lot at 645 Washington Ave, Jermyn, Pennsylvania, 18433. The property is currently 100% occupied by Community Bank under a triple-net (NNN) lease, absolving the owner of all landlord responsibilities. The lease, originally commenced on August 29, 1974, has a remaining term of approximately 4.8 years, expiring August 31, 2029. A recent 5-year lease extension, commencing September 1, 2024, ensures continued income. The current annual net operating income (NOI) is $87,000, representing a 7.00% capitalization rate on the asking price of $1,242,857. The building, constructed in 1974 and renovated in 2017, offers a strong price per square foot of $85.71. The tenant, Community Bank, provides a corporate guarantee, mitigating risk. This location boasts a significant deposit base exceeding $91,000,000, highlighting its long-term viability within the community. The property benefits from a strong local population, with over 134,300 individuals residing within a 10-mile radius. The lease includes a 2% annual rent increase, providing for future income growth. This is a rare opportunity to acquire a stable, long-term net lease investment with a strong tenant and significant upside potential.
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
- Jermyn
- County
- Lackawanna
- State
- Pennsylvania
- Longitude
- -75.5450007
- Latitude
- 41.5321338
