Medical Office Building Investment

18-20 North St, Hanover, PA

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For Sale

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Tenant-designed medical office building with stable income streams.

Type:OFFICE

Property size:

9,194 SF

Lot size:

0.63 Acres

Price / SF:

$240/SF

HighLights

Leased to UPMC, a globally recognized healthcare provider
$146,828 annual income on a triple net lease basis makes this an attractive investment opportunity
Rental increase scheduled for August 2026
Tenant has two, two‑year options to renew the lease
Strategically located in the city center of Hanover, PA
Recently renovated 9,194 square foot medical office building with two stories and a basement

We can help!

Listing Contact

Jennifer Stein

Learn more

For Sale

Contact for pricing

Tenant-designed medical office building with stable income streams.

Type:OFFICE

Property size:

9,194 SF

Lot size:

0.63 Acres

Price / SF:

$240/SF

Added:: Aug 31, 2022
Days on Market:: 1387
Last Refresh:: May 20 at 10:03 pm

Property Features for 18-20 North St

General Information

Standard status: Active
Size: 9,194 SF
Lot size: 0.63 Acres
Property subtype: OFFICE

We can help!

Listing Contact

Jennifer Stein

Listing agent Jennifer Stein License ##RB068057

Listing office JDS Real Estate Services

Listing date Aug 31, 2022

Source Moodyscre

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 JDS Real Estate Services

HighLights

Leased to UPMC, a globally recognized healthcare provider
$146,828 annual income on a triple net lease basis makes this an attractive investment opportunity
Rental increase scheduled for August 2026
Tenant has two, two‑year options to renew the lease
Strategically located in the city center of Hanover, PA
Recently renovated 9,194 square foot medical office building with two stories and a basement

Overview

Located in Hanover, Pennsylvania, 18-20 North Street is a commercial medical office building featuring 9,194 square feet across two stories and a basement. The property has been recently renovated to meet the needs of its tenant, UPMC (University of Pittsburgh Medical Center). The property generates an annual income of $146,828 on a triple net basis. A rental increase is scheduled for August 2026, during the final year of the current lease. The tenant has two, two-year options to renew. UPMC, an international healthcare provider with locations in Pennsylvania, Maryland, New York, Italy, and Ireland, is the anchor tenant. UPMC operates more than 40 hospitals and 800 doctors' offices and outpatient centers worldwide. The property is located a half-mile from UPMC - Hanover Hospital. Hanover is known as the snack capital of the Northeast due to its snack food industry, including companies like UTZ and Lance. The location in the city center of Hanover caters to a population of 62,129 residents within a five-mile radius.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$201.9k	$21.96
− Vacancy	−$6.5k	−$0.70
EGI	$195.4k	$21.26
− OpEx	−$48.9k	−$5.31
NOI	$146.6k	$15.94

9,194 SF · lease $21.96/SF/yr · vacancy 3.20% · expense 25.00%

Alternative Uses

Best Use

Office B

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,580 @ 7.0% cap · market cap 6.62%

Second Best

Healthcare Medical

$651.7K

$570.2K – $760.3K (±1% cap)

NOI $45,618 @ 7.0% cap · market cap 2.06%

Theoretical Best

Office A

$2.66M

$2.33M – $3.11M (±1% cap)

NOI $186,339 @ 7.0% cap · market cap 8.41%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Medical Office Space

Suggested Use

Similar Places Nearby

Hanover Veterinary Hospital — 323 Broadway, Hanover, PA 17331

Location Insight

Map
Local Demand

City: Hanover
County: York
State: Pennsylvania
Longitude: -76.9864
Latitude: 39.8049

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What type of property is this?

Medical Office Space - Tenant-designed medical office building with stable income streams.

Where is this medical office space located?

The property is located at 18-20 North St Hanover, PA.

What is the asking price?

The asking price for this property is $2,215,000.

What are key features of this property?

This property features: Leased to UPMC, a globally recognized healthcare provider; $146,828 annual income on a triple net lease basis makes this an attractive investment opportunity; Rental increase scheduled for August 2026

18-20 North St, Hanover, PA

Tenant-designed medical office building with stable income streams.

Property Features for 18-20 North St

General Information

We can help!

HighLights

Overview

Local Financial Insights For Office B

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Multi-Use Flex Office Building

Hanover Borough Multi-Unit Investment

Downtown Hanover Mixed-Use Investment

Industrial Manufacturing Facility with 53-Foot Access

Duplex with Two Separate Entrances

Flex Office Building

Historic Office and Retail Building

Freestanding Bank Building with Drive-Through

Multi-Purpose Building For Sale

Adams County Farmland Opportunity

Two-Unit Residential Income Duplex

Hanover PA Industrial Investment Property

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