Building Details

Year built 1966

Listing Agency: Richards & Richards Real Estate LLC b**@2richardsre.com Show Phone

Listed By: Kristopher Johnson Show Phone

Added: Jun 19 Changed: Aug 19 Last Checked: Aug 29 at 3:06AM

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MLS# 163993

Copyright © 2026 Allegheny Valley Board of Realtors. 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 flex space property includes three buildings totaling 14,832 square feet on 14.85 acres. The improvements combine 11,248 square feet of warehouse and manufacturing area with a separate 3,584-square-foot office component. Warehouse features include 13 overhead doors, concrete floors, and pallet racking.

The property carries Industrial zoning and is located near State Route 257 and US-322 in Seneca, Pennsylvania. Built in 1966, the complex provides a combination of production, storage, and administrative space within one commercial site.

Key Highlights

• 14,832 square feet across three buildings on 14.85 acres
• 11,248 square feet of warehouse and manufacturing space
• Dedicated 3,584‑square‑foot office area

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

$60,999

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

6.42%

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%

$1,219,980 $1.2M

Cap Rate 7%

$871,414 $871.4K

Cap Rate 9%

$677,767 $677.8K

Market Conditions

NOI Build-Up for 14,832 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

$74.8K $5.04/SF

− Vacancy

−$3.0K −$0.20/SF

EGI

$71.8K $4.84/SF

− OpEx

−$10.8K −$0.73/SF

NOI

$61.0K $4.11/SF

Area

Butler County, PA

Vacancy

4.00%

Lease Rate

$5.04 /SF/Yr

Expense Ratio

15.00%

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%

$1,219,980

Cap Rate 7%

$871,414

Cap Rate 9%

$677,767

Alternative Uses

Best Use

Office B

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,473 @ 7.0% cap · market cap 19.94%

Second Best

Warehouse

$871.4K

$762.5K – $1.02M (±1% cap)

NOI $60,999 @ 7.0% cap · market cap 6.42%

Theoretical Best

Office A

$3.78M

$3.31M – $4.41M (±1% cap)

NOI $264,456 @ 7.0% cap · market cap 27.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

250

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 16346, PA

2,846

Population

1,615

Households

1.8

Avg Household Size

49

Median Age

22%

College-Educated

96%

High-School Grad

15.6 sq mi

ZIP Area

182

Density / Sq Mi

$68,804

Median Household Income

$38,900

Median Earnings

$766

Median Rent

$131,800

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Flex space - Industrial-zoned property combines warehouse, manufacturing, and dedicated office areas across multiple buildings.

Where is this flex space located?

The property is located at 247 Gilmore Dr Seneca, PA.

What is the asking price?

The asking price for this property is $950,000.

What are key features of this property?

This property features: 14,832 square feet across three buildings on 14.85 acres; 11,248 square feet of warehouse and manufacturing space; Dedicated 3,584‑square‑foot office area