Quaint Oak Bank 1710 Union Blvd 6,500 SF Retail Building Allentown, PA 18109 $4,655,000 ($716.15/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Corporate Guarantee | Quaint Oak Bank (OTCQB: QNTO), Publicly Traded
- Top 40% in Deposits | $96.2 Million
- Rent Growth | 2% Annual Rent Increases
- Strong Operating History | Since 2009
- Absolute NNN Lease
- Commitment to the Site | New 15-Year Lease
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in a single-tenant bank facility located in Allentown, Pennsylvania (the "Property").
The Property consists of 0.33 acres and a two-floor, 6,500-square-foot building that was built in 1958 and has been renovated recently to the exact specifications of the Tenant. The Property is located at the intersection of Union Boulevard (14,795 VPD) and North Quebec Street near the Lehigh Shopping Center. There are 498,222 in population in a ten-mile radius with an average household income in excess of $107,000.
The Tenant strategically selected this site to grow its presence in the Lehigh Valley market. The Tenant recently executed a fifteen (15) year lease expiring December 19, 2039. The initial rent is $279,300 with 2% annual increases throughout the primary term of the lease. The lease is absolute NNN with zero landlord responsibilities making this a truly passive investment for prospective purchasers.
Quaint Oak Bank is a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of Quaint Oak Bancorp, Inc., headquartered in Southampton, PA and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley (Subject Property) and Philadelphia markets. Quaint Oak Bancorp’s subsidiary companies include Quaint Oak Abstract, Quaint Oak Insurance Agency, Quaint Oak Mortgage, and Oakmont Commercial. As of December 31, 2023, Quaint Oak Bancorp, Inc. generated over $33.7 million in revenue yielding it over $2.32 million in net income. Quaint Oak Bancorp, Inc. is publicly traded on the OTCQB venture market as QNTO.
The Property consists of 0.33 acres and a two-floor, 6,500-square-foot building that was built in 1958 and has been renovated recently to the exact specifications of the Tenant. The Property is located at the intersection of Union Boulevard (14,795 VPD) and North Quebec Street near the Lehigh Shopping Center. There are 498,222 in population in a ten-mile radius with an average household income in excess of $107,000.
The Tenant strategically selected this site to grow its presence in the Lehigh Valley market. The Tenant recently executed a fifteen (15) year lease expiring December 19, 2039. The initial rent is $279,300 with 2% annual increases throughout the primary term of the lease. The lease is absolute NNN with zero landlord responsibilities making this a truly passive investment for prospective purchasers.
Quaint Oak Bank is a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of Quaint Oak Bancorp, Inc., headquartered in Southampton, PA and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley (Subject Property) and Philadelphia markets. Quaint Oak Bancorp’s subsidiary companies include Quaint Oak Abstract, Quaint Oak Insurance Agency, Quaint Oak Mortgage, and Oakmont Commercial. As of December 31, 2023, Quaint Oak Bancorp, Inc. generated over $33.7 million in revenue yielding it over $2.32 million in net income. Quaint Oak Bancorp, Inc. is publicly traded on the OTCQB venture market as QNTO.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
6,500 SF
Building Class
C
Year Built
1958
Price
$4,655,000
Price Per SF
$716.15
Cap Rate
6%
NOI
$279,300
Tenancy
Single
Building Height
2 Stories
Building FAR
0.45
Lot Size
0.33 AC
Zoning
B-3 - Highway Business District, which is intended to provide locations for retail businesses and services that serve the city and beyond.
Parking
17 Spaces (2.62 Spaces per 1,000 SF Leased)
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
A beautifully remodeled free standing office / retail building with 13,320 usable square feet, perfect for any office or medical office use. Currently occupied by a bank. The bank is not closing this location but would prefer to lease out excess space. If a tenant requires the entire space, bank will consider relocating to a smaller space in the same area.
A beautifully remodeled free-standing office / retail building with 13,320 usable square feet, perfect for any office or medical office use. Current tenants include a Bank, a Title Company and an Insurance Company. Private offices available suites as low as $450 per month with shared bathrooms and potential shared conference room. Larger spaces are available on the main level, a mezzanine and the lower level.
| Space | Size | Space Use | Position | Available |
| 1 | 6,660 SF | Office | - | Now |
| 103 | 1,500-6,660 SF | Office | - | 30 Days |
1
| Size |
| 6,660 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| Now |
103
| Size |
| 1,500-6,660 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| 30 Days |
Walk Score®
Very Walkable (80)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 641728299879-1 | Improvements Assessment | $858,600 |
| Land Assessment | $100,800 | Total Assessment | $959,400 |
