Medical Office Property with
For Sale
$2,890,000
2014 SANDY Drive, State College, PA 16803
Commercial Sale, STATE COLLEGE, PA
Property Size9,202 SF
Lot Size1.66 Acres
Price / SF$314.06
Days on Market958
Property Features for 2014 SANDY Drive
General Information
Property type
Other
Property subtype
Office
Parking
30
Parking features
Parking Lot
Elementary school district
STATE COLLEGE AREA
Middle school district
STATE COLLEGE AREA
High school district
STATE COLLEGE AREA
Standard status
Active
Lot size
1.66 Acres
Taxes and HOA fees
Tax Annual Amount
24936
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2003
Number of units
2
Building materials
Stucco, Brick, Stone
Listing Agency:
RE/MAX Centre Realty · RE/MAX International
(814) 231-8200
Listed By:
Marc Mcmaster · License #AB067113
(814) 360-6961
Added: Jan 25, 2024
Changed: Sep 6
Last Checked: Sep 9 at 2:06PM
MLS# PACE2508786
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office property in State College includes approximately 9,000 square feet of existing dental-office buildout across two functional areas. The front portion contains 5,396 square feet and is leased to a dental office. A private entrance serves the 3,806-square-foot rear area, which is vacant and available for a new occupant. The building was constructed in 2003 and features stucco, brick, and stone exterior materials, along with forced-air heating and central air conditioning.
The 1.66-acre property provides 30 dedicated parking spaces in an on-site lot. Its existing medical-office configuration, separate access, and combination of leased and available space support continued healthcare or office use. The property is located on Sandy Drive in State College, Pennsylvania, within Centre County.
The 1.66-acre property provides 30 dedicated parking spaces in an on-site lot. Its existing medical-office configuration, separate access, and combination of leased and available space support continued healthcare or office use. The property is located on Sandy Drive in State College, Pennsylvania, within Centre County.
Key Highlights
- 5,396‑square‑foot front area leased to a dental office
- 3,806‑square‑foot rear area with private entrance is vacant
- Approximately 9,000 square feet of medical‑office buildout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$110,940
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,218,800
$2.2M
Cap Rate 7%
$1,584,857
$1.6M
Cap Rate 9%
$1,232,667
$1.2M
Market Conditions
NOI Build-Up for 9,202 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$202.1K $21.96/SF
− Vacancy
−$17.2K −$1.87/SF
EGI
$184.9K $20.09/SF
− OpEx
−$74.0K −$8.04/SF
NOI
$110.9K $12.06/SF
Area
Centre County, PA
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,218,800
Cap Rate 7%
$1,584,857
Cap Rate 9%
$1,232,667
Alternative Uses
Best Use
Healthcare Medical
$1.58M
$1.39M – $1.85M
NOI $110,940 @ 7.0% cap · market cap 3.84%
Second Best
Office B
$1.52M
$1.33M – $1.77M
NOI $106,214 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,261 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16803, PA
24,751
Population
12,155
Households
2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
23.0 sq mi
ZIP Area
1,076
Density / Sq Mi
$71,993
Median Household Income
$35,405
Median Earnings
$1,363
Median Rent
$395,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - The front suite is leased to a dental practice, while a separately accessed rear area is available for lease.
Where is this medical office space located?
The property is located at 2014 SANDY Drive State College, PA.
What is the asking price?
The asking price for this property is $2,890,000.
What are key features of this property?
This property features: 5,396‑square‑foot front area leased to a dental office; 3,806‑square‑foot rear area with private entrance is vacant; Approximately 9,000 square feet of medical‑office buildout
