$925,000

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 TypeFor Sale
StyleIndustrial
Sub-TypeResale
Status10000069142
Year1995
Days On Site282

Features

SQ Feet5,400
Units1
ZoningO-I
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Area Information
StatePA
CountyLEBANON-PA
CityLEBANON
Zip Code17042
AreaNorth Cornwall Twp (13212)
Listing VS Median (in 17042)
Price:
$925,000
low | high
Med:
$191,180
100% of Average
SqFt:
5,400
low | high
Med:
1,483
100% of Average
$ / SqFt:
$171
low | high
Med:
$129
74.712051142245% of Average
On Site:
282
low | high
Med:
23
100% of Average
Sourced by Back At You
Listing Updated: April 22, 2021 2:18:46 AM PDT
David Simpson LogoMLS Number: PALN114630
Listing Provided By:
David Simpson  of  Suburban Realty
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