1074 Barring AveScranton, PA 18508

For Sale
$3,250,000

75,000 SF Manufacturing Facility, 16+ Years Remaining

Overview

Added:
Dec 11, 2024
Days on market:
94
This fee-simple industrial property in Scranton, PA, presents a compelling investment opportunity. The 75,000 square foot facility, built in 1980 and renovated in 2020, sits on a 3.02-acre lot at 1074 Barring Ave, 18508. Currently 100% occupied by North American Manufacturing under a 20-year absolute NNN lease (commencing December 31, 2020, and expiring December 31, 2040), offering a substantial 16.1 years of remaining lease term. The lease includes 2% annual rent increases and four to five-year renewal options, ensuring consistent income growth. The tenant, North American Manufacturing, is a financially stable entity with a long operational history (nearly 50 years) and a strong corporate guarantee, mitigating credit risk. The current NOI is $243,547, yielding a 7.49% cap rate, with a pro-forma NOI of $283,721 and a pro-forma cap rate of 8.73%. The asking price is $3,250,000, translating to a price per square foot of $43.33, which is below replacement cost. This property offers predictable cash flows and significant long-term value, making it an attractive addition to any portfolio. The tenant specializes in high-quality equipment for the U.S. military and other government agencies, providing further stability and predictable income. North American Manufacturing was recently acquired by KAHO Partners, a long-term investment partner with over $100 million in government manufacturing contracts.

Highlights

  • 75,000 SF industrial building on a 3.02-acre lot in Scranton, PA.
  • 16+ years remaining on a 20-year absolute NNN lease with 2% annual rent increases and renewal options.
  • $43/SF purchase price, below replacement cost.
  • 100% occupied by financially stable North American Manufacturing, a government contractor with a long operational history and strong corporate guarantee.
  • Current NOI of $243,547, 7.49% cap rate; pro-forma NOI of $283,721, 8.73% cap rate.

Property Details for 1074 Barring Ave

Property type
Other industrial properties, Manufacturing properties
Square Feet
75,000 SF
Year Built/Renovated
1980/2020
Lot Size (sq. ft)
131,551 SF

Location Insight

City
Scranton
County
Lackawanna
State
Pennsylvania
Latitude
41.424038707606
Longitude
-75.661042594906
1074 Barring Ave, Scranton, Pennsylvania

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1074 Barring Ave
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