100% Leased Three (3) Tenant Strip Center
Stroudsburg, PA
The Opportunity
Summary
- Price: $2,350,000
- Cap Rate: 8.00%
- NOI: $188,020
- Building Size: 8,003 SF
- Parcel Size: 1.64 Acres
- Occupancy: 100%
- Average Remaining Lease Term: 5.1 Years
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a multi-tenant strip center, located within the retail corridor known as Route 611 Plaza (the “Property”) in Stroudsburg, Pennsylvania, a borough recognized as the “heart of the Poconos”. Plaza 611 is 100% occupied by three tenants, Mattress Warehouse, Elegant Bridal Boutique, and Lendmark Financial. All three tenants reimburse for taxes, insurance, and common area maintenance (CAM). The average lease term amongst the three tenants is 5.0 years with Mattress Warehouse having two, five-year options remaining, and ten percent rental increases every five years. Since opening its first store in 1989, Mattress Warehouse has grown to over 300 store locations. Lendmark Financial, which has been in operation since 1996, now has over 500 branch locations in 21 states from coast to coast.
Plaza 611 is located approximately one-half mile from Exit 302 off Interstate Highway 80, a major east-west highway boasting over 63,500 VPD. PA-611 remains the premier retail corridor in the area and is home to several shopping centers including the Giant anchored Shops at Crossroads, Crossroads Mall of the Poconos, Shoppes at Stroud, Pocono Commons, and Stroud Mall. The surrounding retail along PA-611 is home to some of the top performers within their respective chains. T.J. Maxx is within the top 92nd percentile, while Chick-Fil-A and Giant Food Store are in the top 89th percentile of their chains nationwide. Additionally, Lowe’s is in the top 76th percentile of their respective chain, further demonstrating the strength of the retail corridor (Placer.ai). St. Luke’s Hospital Monroe Campus, a fully accredited Level IV 24-hour trauma center, is also located directly across PA-611 from the property and is currently expanding the campus with the addition of a new four-story, 165,000 square foot patient care tower. The new tower will double the size of the existing hospital upon completion, which is expected to open in early 2024.
