New Veterans Affairs Outpatient
1505 N Hermitage Rd Hermitage, PA
For Sale
Contact for pricing
New build-to-suit outpatient center leased to Veterans Affairs.
Property Size14,907 SF
Lot Size2.17 Acres
Price / SF$335.35
Days on Market372
Property Features for 1505 N Hermitage Rd
General Information
Standard status
Active
Size
14,907 SF
Lot size
2.17 Acres
Property subtype
OFFICE
Listing Agency:
Passov Real Estate Group
(216) 453-3082
Listed By:
Dan Lariccia
(216) 453-3082
Source:
Moodyscre
Added: Jul 23, 2025
Changed: Jul 6
Last Checked: Jul 22 at 3:52AM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
This is a brand new build-to-suit outpatient center for the United States Veterans Affairs, with no early termination options. The anticipated lease commencement date is September 1, 2025. The lease term is ten years firm, with a soft five-year extension. The building encompasses 14,907 square feet and is situated on a 2.768-acre lot. The Veterans Affairs contribution to interior tenant improvements is $2,946,700. Rental increases are set at $1.50 per square foot in years 6 and 11.
Key Highlights
- Leased to United States Veterans Affairs
- Brand new build‑to‑suit property
- 10‑year firm lease term
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 | $432.9k | $29.04 |
| − Vacancy | −$51.9k | −$3.48 |
| EGI | $381.0k | $25.56 |
| − OpEx | −$95.2k | −$6.39 |
| NOI | $285.7k | $19.17 |
14,907 SF · lease $29.04/SF/yr · vacancy 12.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.08M
$3.57M – $4.76M
NOI $285,714 @ 7.0% cap · market cap 5.72%
Second Best
Healthcare Medical
$3.28M
$2.87M – $3.83M
NOI $229,902 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$5.25M
$4.60M – $6.13M
NOI $367,728 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Petco Vaccination Clinic — 1145 N Hermitage Rd, Hermitage, PA 16148
Frequently Asked Questions
What type of property is this?
Medical Office Space - New build-to-suit outpatient center leased to Veterans Affairs.
Where is this medical office space located?
The property is located at 1505 N Hermitage Rd Hermitage, PA.
What is the asking price?
The asking price for this property is $4,999,000.
What are key features of this property?
This property features: Leased to United States Veterans Affairs; Brand new build‑to‑suit property; 10‑year firm lease term
