Listed by Marcus & Millichap - Washington, D.C.
$11,630,170
Allen Street Shopping Center | 46,228 SF | Grocery Anchored
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 46,228
Cap Rate 7.25%
NOI $843,187
Occupancy 93%
Tenancy Multi
Brand/Tenant Family Dollar, Bank of America
Rent Bumps Yes
Lease Options Vary
Price per SqFt $252
Year Built 1960
Buildings 1
Acreage 4.110
Parking Spaces 254 spaces
Parking per 1,000 SqFt 5.49
Investment Type Stabilized
Ground Lease No
Lehigh Valley | 7.25% CAP | 93% Leased
Investment highlights
- Established Tenancy & Strong Credit - The tenant roster is led by three nationally recognized tenants, Grocery Outlet, Bank of America, and Family Dollar, which together account for 69% of total revenue
- Grocery Outlet has anchored the property since 2022 under a new 10-year lease, though the site has 75+ year history as a grocery store underscoring established position in the market
- The discount-oriented brand is perfectly merchandised to the neighborhood's high dense, middle income demographic, evidenced by its rank in the 60th percentile statewide per Placer.ai
- Neighborhood Destination Tenants - Grocery Outlet (NASDAQ: GO) is a publicly traded, nationally expanding discount grocery chain
- The company is institutionally owned with significant shareholdings by major asset managers including BlackRock and Vanguard, while still retaining meaningful founding family involvement
- The franchise operator at this unit is Fayez Abboud, but this lease is corporately guaranteed by Grocery Outlet, Inc.
- Grocery Outlet is supported by high-performing Family Dollar, who has operated at the center for decades. According to Placer.ai, this location ranks in the 91st percentile nationwide and 96th percentile statewide, generating 178,200 annual customer visits
- The whisper sales for this store are near an impressive $4 Million per year, and that the unit #1 store in the chain's 14-store Family Dollar District
- Bank of America further enhances the credit profile, along with other notable names, Metro by T Mobile, Little Caesar's, and Cricket Wireless
- Value Add Opportunities - A Plasma operator recently vacated its space in early 2026. This fresh vacancy is a prime opportunity to lease 3,117 square foot space and add value
- A market rental rate of $20 PSF is projected, providing immediate NOI upside in year two
- It is notable that the Property has been owned by institutional ownership since 1984. A more aggressive approach to management and leasing can further improve asset performance
- Dense, Walkable Trade Area - Presently, the Offering is supported by 45,958 residents within one-mile and more than 144,565 within three-miles
- The Property is located within a dense, urban neighborhood trade area, where retail demand is largely driven within a 1 to 1.5 mile radius
- The center's West Allen Street location carries a Walk Score of approximately 90, classifying it as a 'Walker's Paradise,' where errands can be completed on foot
- In a submarket dominated by on street parking, the Property's off street parking field provides a meaningful advantage for both retailers and customers
- The surrounding area is characterized by dense residential housing, a middle income demographic profile, and nearby anchors including, Lehigh Valley Hospital - 17th Street, and other healthcare facilities as well as area schools that drive daytime and off-peak traffic
Listing Contacts
Listed by Marcus & Millichap - Washington, D.C.
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$843,187.00
$70,265.58/mo
Valuation Metrics
0
DSCR
7.25%
Cap Rate
7.25%
ROI
Map
Zoning
B-4 CommercialSpecial CommercialShopping Center Business
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View all 157 uses Last updated Apr 15, 2026 For deeper zoning details, reports are available at Zoneomics
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