924 Russell Dr

LEBANON, PA 17042

About this property

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.

Date Added
July 14, 2020
Listing Status
10000069142
Days On Site
272
MLS#
PALN114630

Features and Additional Information

Lot Size
0 SqFt
Acreage
0.00
Property Type
Commercial
Style
Industrial
Sub-Type
Resale
Year
1995
Zoning
O-I
Square Feet
5,400
Units
1
Story(s)
0
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$925,000 10000069142
5,400 SQFT

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Harrisburg

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