Two-Building Medical Office
For Sale
$2,400,000
129141 Medical Park Lane, Bellefonte, PA 16823
Two-building portfolio leased to a medical tenant through Dec. 31, 2027, on 6.09 acres.
Property Size12,384 SF
Lot Size6.09 Acres
Price / SF$193.80
Days on Market111
Property Features for 129141 Medical Park Lane
General Information
Standard status
Active
Size
12,384 SF
Lot size
6.09 Acres
Property subtype
Commercial
Lease Term
[]
Additional Details
Business Included
Yes
Building Details
Year Built
1997
Listing Agency:
Continental Real Estate Management
(814) 238-1598
Listed By:
David Fonash · License #RS329103
Source:
Deepcreeklake
Added: May 4
Changed: Aug 22
Last Checked: Aug 22 at 9:35AM
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.
This two-building commercial portfolio is offered at 129 & 141 Medical Park Lane and totals approximately 12,384 SF. The property sits on 6.09± acres and is currently leased to a medical tenant. The existing lease provides occupancy through December 31, 2027, supporting an acquisition plan that includes in-place income during the lease term.
The buildings are located along the Bellefonte corridor and positioned for straightforward day-to-day access. Following the lease expiration, a deed restriction will prohibit medical users, creating a change in allowed use for any future tenant or buyer.
For investors, the property offers a current medical lease with a known expiration date, allowing time to plan for what comes next. For end users or development-minded buyers, the deed restriction is an important factor to evaluate early, since it limits continued medical use after the lease term. Overall, this is a practical acquisition for a buyer seeking both leased space in the near term and flexibility to plan alternative uses when the restrictions take effect.
The buildings are located along the Bellefonte corridor and positioned for straightforward day-to-day access. Following the lease expiration, a deed restriction will prohibit medical users, creating a change in allowed use for any future tenant or buyer.
For investors, the property offers a current medical lease with a known expiration date, allowing time to plan for what comes next. For end users or development-minded buyers, the deed restriction is an important factor to evaluate early, since it limits continued medical use after the lease term. Overall, this is a practical acquisition for a buyer seeking both leased space in the near term and flexibility to plan alternative uses when the restrictions take effect.
Key Highlights
- Two‑building commercial portfolio totaling approximately 12,384 SF on 6.09± acres
- Leased to a medical tenant with income through December 31, 2027
- Year built: 1997
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
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
115
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-building portfolio leased to a medical tenant through Dec. 31, 2027, on 6.09 acres.
Where is this medical office space located?
The property is located at 129141 Medical Park Lane 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‑building commercial portfolio totaling approximately 12,384 SF on 6.09± acres; Leased to a medical tenant with income through December 31, 2027; Year built: 1997
