Listing Agency: JDS Real Estate Services Show Phone

Listed By: Jennifer Stein · License #01507135 Show Phone

Source: Moodyscre

Added: Aug 31, 2022 Changed: Oct 26 Last Checked: Nov 4 at 4:01PM

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Investment Insights

Based on property information with market context.

Located in Hanover, Pennsylvania, 18-20 North Street is a commercial medical office building featuring 9,194 square feet across two stories and a basement. The property has been recently renovated to meet the needs of its tenant, UPMC (University of Pittsburgh Medical Center). The property generates an annual income of $146,828 on a triple net basis. A rental increase is scheduled for August 2026, during the final year of the current lease. The tenant has two, two-year options to renew. UPMC, an international healthcare provider with locations in Pennsylvania, Maryland, New York, Italy, and Ireland, is the anchor tenant. UPMC operates more than 40 hospitals and 800 doctors' offices and outpatient centers worldwide. The property is located a half-mile from UPMC - Hanover Hospital. Hanover is known as the snack capital of the Northeast due to its snack food industry, including companies like UTZ and Lance. The location in the city center of Hanover caters to a population of 62,129 residents within a five-mile radius.

Key Highlights

• Leased to UPMC, a globally recognized healthcare provider
• $146,828 annual income on a triple net lease basis makes this an attractive investment opportunity
• Rental increase scheduled for August 2026

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$146,580

Cap Rate

6.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,931,600 $2.9M

Cap Rate 7%

$2,094,000 $2.1M

Cap Rate 9%

$1,628,667 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,194 SF

Gross rent

$201.9K $21.96/SF

− Vacancy

−$6.5K −$0.70/SF

EGI

$195.4K $21.26/SF

− OpEx

−$48.9K −$5.31/SF

NOI

$146.6K $15.94/SF

Area

York County, PA

Vacancy

3.20%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,931,600

Cap Rate 7%

$2,094,000

Cap Rate 9%

$1,628,667

Alternative Uses

Best Use

Office B

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,580 @ 7.0% cap · market cap 6.62%

Second Best

Healthcare Medical

$651.7K

$570.2K – $760.3K (±1% cap)

NOI $45,618 @ 7.0% cap · market cap 2.06%

Theoretical Best

Office A

$2.66M

$2.33M – $3.11M (±1% cap)

NOI $186,339 @ 7.0% cap · market cap 8.41%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Catering Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Veterinary Clinic Clothing & Fashion Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,579

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

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

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Tenant-designed medical office building with stable income streams.

Where is this medical office space located?

The property is located at 18-20 North St Hanover, PA.

What is the asking price?

The asking price for this property is $2,215,000.

What are key features of this property?

This property features: Leased to UPMC, a globally recognized healthcare provider; $146,828 annual income on a triple net lease basis makes this an attractive investment opportunity; Rental increase scheduled for August 2026