Two-Building Medical Office
129-141 MEDICAL PARK LN, Bellefonte, PA 16823
For Sale
$2,400,000
The property is leased to a medical tenant through 2027, with a deed restriction barring medical users after the lease ends.
Property Size12,384 SF
Lot Size6.09 Acres
Price / SF$193.80
Days on Market50
Property Features for 129-141 MEDICAL PARK LN
General Information
Standard status
Size
Lot size
Building Details
Buildings
Tenancy
Listing Agency:
Continental Real Estate Management
(814) 238-1598
Listed By:
David Fonash · License PA RS329103
(814) 308-4768
Source:
Careyrealtygroup
Added: Sep 24
Changed: Nov 1
Last Checked: Nov 12 at 7:06AM
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 Continental Real Estate Management
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Investment Insights
Based on property information with market context.
Two buildings at 129 and 141 Medical Park Lane comprise approximately 12,384 square feet on 6.09± acres. The property is currently leased to a medical tenant through December 31, 2027. After the lease term, a deed restriction will prohibit medical users. This timing defines the current occupancy and the restriction that will apply afterward.
Key Highlights
- Two buildings totaling approximately 12,384 SF
- 6.09± acres
- Leased to a medical tenant through December 31, 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$149,302
Cap Rate
6.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,986,040
$3.0M
Cap Rate 7%
$2,132,886
$2.1M
Cap Rate 9%
$1,658,911
$1.7M
Market Conditions
NOI Build-Up for 12,384 SF
Gross rent
$272.0K $21.96/SF
− Vacancy
−$23.1K −$1.87/SF
EGI
$248.8K $20.09/SF
− OpEx
−$99.5K −$8.04/SF
NOI
$149.3K $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 Rate 5%
$2,986,040
Cap Rate 7%
$2,132,886
Cap Rate 9%
$1,658,911
Alternative Uses
Best Use
Healthcare Medical
$2.13M
$1.87M – $2.49M
NOI $149,302 @ 7.0% cap · market cap 6.22%
Second Best
Office B
$2.04M
$1.79M – $2.38M
NOI $142,942 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$2.74M
$2.39M – $3.19M
NOI $191,455 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 16823, PA
29,345
Population
11,679
Households
2.5
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
124.3 sq mi
ZIP Area
236
Density / Sq Mi
$75,717
Median Household Income
$41,842
Median Earnings
$1,013
Median Rent
$258,100
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Medical Office Space - The property is leased to a medical tenant through 2027, with a deed restriction barring medical users after the lease ends.
Where is this medical office space located?
The property is located at 129-141 MEDICAL PARK LN Bellefonte, PA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two buildings totaling approximately 12,384 SF; 6.09± acres; Leased to a medical tenant through December 31, 2027
