Two-Building Medical Office
New
For Sale
$2,400,000
129-141 MEDICAL PARK LN, Bellefonte, PA 16823
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 Market3
Property Features for 129-141 MEDICAL PARK LN
General Information
Standard status
Active
Size
12,384 SF
Lot size
6.09 Acres
Building Details
Buildings
2
Tenancy
Single
Listing Agency:
Continental Real Estate Management
(814) 238-1598
Listed By:
David Fonash · License #RS329103
(814) 308-4768
Source:
Careyrealtygroup
Added: Sep 24
Last Checked: Sep 26 at 6:11AM
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
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 = 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
$149,302
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
6.22%
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%
$2,986,040
$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
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
$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 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%
$2,986,040
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.
Property Analytics
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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
Explore this area
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
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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
