924 Russell Dr,
LEBANON PA, 17042
Description
Excellent opportunity to own a Modern Office building in a desirable Business Park with Social Security as Tenant. Built specifically for Social Security occupancy. Single tenant, monthly rent automatically deposited. Rent increased 5-23-21. Tenant just signed a 5 yr. extension. Scheduled rent increases 21.74% during the extension period (an average of just over 4% per year). Current net operating income of $70,288 is a 7.6% Cap Rate. Annual Real Estate Tax Escalator, Annual CPI adjustment for operating costs. Operating expenses listed are an average of 2016 thru 2020 actual expenses. A purchase at the listed price plus estimated acquisition costs, with projected net income based on scheduled rents, and assuming a $1,125,000 sale price at the end of the extension generates a 10.17% Internal Rate of Return, Owner has relocated out of state and is looking to exchange into and investment in that location.
Details
| MLS# | PALN114630 |
|---|---|
| Listing Type | For Sale |
| Style | Industrial |
| Sub-Type | Resale |
| Status | 10000069142 |
| Year | 1995 |
| Days On Site | 304 |
Features
| SQ Feet | 5,400 |
|---|---|
| Units | 1 |
| Zoning | O-I |
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Learn More About This Property
| Area Information | |
|---|---|
| State | PA |
| County | LEBANON-PA |
| City | LEBANON |
| Zip Code | 17042 |
| Area | North Cornwall Twp (13212) |
| Listing VS Median (in 17042) | |
Price: $925,000 low | high Med: $206,180 SqFt: 5,400 low | high Med: 1,626 $ / SqFt: $171 low | high Med: $127 On Site: 304 low | high Med: 16 Sourced by Back At You | |
MLS Number: PALN114630Listing Provided By:
David Simpson of Suburban Realty