Medical Office Building
For Sale
Contact for pricing
18-20 North St, Hanover, PA
Tenant-designed medical office building with stable income streams.
Property Size9,194 SF
Lot Size0.63 Acres
Price / SF$240.92
Days on Market1434
Property Features for 18-20 North St
General Information
Standard status
Active
Size
9,194 SF
Lot size
0.63 Acres
Property subtype
OFFICE
Listing Agency:
JDS Real Estate Services
(231) 446-5366
Listed By:
Jennifer Stein · License #20130457
Source:
Moodyscre
Added: Aug 31, 2022
Changed: Jul 10
Last Checked: Jul 21 at 3:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JDS Real Estate Services
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.9k | $21.96 |
| − Vacancy | −$6.5k | −$0.70 |
| EGI | $195.4k | $21.26 |
| − OpEx | −$48.9k | −$5.31 |
| NOI | $146.6k | $15.94 |
9,194 SF · lease $21.96/SF/yr · vacancy 3.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.09M
$1.83M – $2.44M
NOI $146,580 @ 7.0% cap · market cap 6.62%
Second Best
Healthcare Medical
$651.7K
$570.2K – $760.3K
NOI $45,618 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$2.66M
$2.33M – $3.11M
NOI $186,339 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Hanover Veterinary Hospital — 323 Broadway, Hanover, PA 17331
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
