Medical Office with Expansion
For Sale
$799,000
1355 Veterans Memorial Drive, Jessup, PA 18434
Commercial Sale, Jessup, PA
Property Size6,000 SF
Lot Size2.43 Acres
Price / SF$133.17
Days on Market134
Property Features for 1355 Veterans Memorial Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
M1
Parking features
Parking Lot
Elementary school district
Valley View
Middle school district
Valley View
High school district
Valley View
Directions
From the Casey Hwy, take the Jessup exit. Turn onto Veterans Memorial Drive. Office will be on the right.
Standard status
Active
APN
1150301000330
Size
6,000 SF
Lot size
2.43 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17879
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2006
Floors in Building
1
Number of units
2
Roof type
Shingle
Listing Agency:
Real of Pennsylvania
(855) 450-0442
Listed By:
Colin Striefsky · License #RS346771
(570) 510-3494
Added: May 17
Changed: Sep 26
Last Checked: Sep 27 at 1:06AM
MLS# SC262248
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The 6,000-square-foot property includes a 3,000-square-foot medical office arranged with five exam rooms and multiple private offices. A second, adjoining 3,000-square-foot area provides space for expansion or a separate operation. The property was built in 2006 and has natural gas heat, central air, a shingle roof, and a parking lot.
Zoned M1, the property is served by public water and public sewer and is located on Veterans Memorial Drive in Jessup, Pennsylvania.
Zoned M1, the property is served by public water and public sewer and is located on Veterans Memorial Drive in Jessup, Pennsylvania.
Key Highlights
- 3,000‑square‑foot medical office with 5 exam rooms and multiple private offices
- Adjoining 3,000‑square‑foot area for expansion or a separate operation
- 6,000 square feet across the two adjoining spaces
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
$70,755
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
8.86%
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%
$1,415,100
$1.4M
Cap Rate 7%
$1,010,786
$1.0M
Cap Rate 9%
$786,167
$786.2K
Market Conditions
NOI Build-Up for 6,000 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
$131.8K $21.96/SF
− Vacancy
−$13.8K −$2.31/SF
EGI
$117.9K $19.65/SF
− OpEx
−$47.2K −$7.86/SF
NOI
$70.8K $11.79/SF
Area
Lackawanna County, PA
Vacancy
10.50%
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%
$1,415,100
Cap Rate 7%
$1,010,786
Cap Rate 9%
$786,167
Alternative Uses
Best Use
Office B
$1.10M
$963.8K – $1.29M
NOI $77,104 @ 7.0% cap · market cap 9.65%
Second Best
Healthcare Medical
$1.01M
$884.4K – $1.18M
NOI $70,755 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,604 @ 7.0% cap · market cap 13.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 18434, PA
4,093
Population
1,902
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
93%
High-School Grad
6.1 sq mi
ZIP Area
671
Density / Sq Mi
$60,396
Median Household Income
$43,304
Median Earnings
$902
Median Rent
$164,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - A physician’s-office layout is paired with adjoining space for additional offices or a tailored build-out.
Where is this medical office space located?
The property is located at 1355 Veterans Memorial Drive Jessup, PA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3,000‑square‑foot medical office with 5 exam rooms and multiple private offices; Adjoining 3,000‑square‑foot area for expansion or a separate operation; 6,000 square feet across the two adjoining spaces
