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    Medical Building in Science Park Title is generated by Realmo AI

    2014 Sandy Dr, State College, PA 16803

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    Two-unit dental office building near Penn State University.

    Type:Office
    Property size:
    9,202 SF
    Price / SF:
    $314/SF
    Added:
    Feb 16, 2024
    Days on Market:
    840
    Last Refresh:
    May 12 at 8:52 pm

    Property Features for 2014 Sandy Dr

    General Information

    Standard status
    Active
    Size
    9,202 SF
    Property subtype
    Office

    Building Details

    Year Built
    2003

    We can help!

    Listing Contact
    Marc McMaster

    Listing agent Marc McMaster License #PA AB067113

    Listing office RE/MAX Centre Realty

    Listing date Feb 16, 2024

    Source Crexi

    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 RE/MAX Centre Realty

    HighLights

    • Absolute NNN Lease with Advanced Dentistry of Centre County in place through 2029, providing stable income.
    • Potential for owner‑operator to occupy the vacant unit and eliminate rent expenses.
    • Significant estimated annual tax savings (+$75,000) and after‑tax cash flow (+$30,000) for owner‑operator.
    • Located in the Science Park Commercial District, west of Penn State University.
    • Class A Medical Building configured as a dental office, with two separate units and entrances.
    • Ample parking with approximately 50 spaces and recent AC unit replacements (2023 & 2024).

    Overview

    The property at 2014 Sandy Drive is a two-unit dental office building situated west of Penn State University in the Science Park Commercial District. Classified as a Class A medical building, both units are configured for dental practices. One unit is currently occupied by Advanced Dentistry of Centre County under an absolute NNN lease through 2029, with a direct rent of $9893 plus $3444.23 in additional rent for CAM expenses, which are trued up at year-end. The other unit was previously leased by Advanced Dentistry and is currently vacant as of January 31, 2024. The property features two separate entrances and parking for approximately 50 vehicles. Both AC units were replaced in 2023 and 2024, with the main unit converted to an energy-efficient heat pump. The tenant covers 100% of directly metered utilities and 60.14% of CAM utilities, including building insurance, landscaping/snow removal, permits, property tax, repairs, pest control, and water/sewer. Estimated CAM expenses range from approximately $50,000 to $65,000 per year. This property presents an ideal opportunity for an owner-operator, with potential tax savings and cash flow benefits. Favorable mortgage terms may be available for dentists and small business owners. Owner financing options are also available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Advanced Dentistry of Centre ... Dental Office Brian Kwon Dental Office Brian Chan Wook ... Dental Office Dr. Kevin M. ... Dental Office Berger Marvin DDS Dental Office

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Dental Office Big Box & Wholesale Store Hotel & Motel Gym & Fitness Center Department Store Skin Care Clinic Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    State College
    County
    Centre
    State
    Pennsylvania
    Longitude
    -77.901216
    Latitude
    40.785441

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    FAQs

    What type of property is this?
    Medical Office Space - Two-unit dental office building near Penn State University.
    Where is this medical office space located?
    The property is located at 2014 Sandy Dr State College, PA.
    What is the asking price?
    The asking price for this property is $2,890,000.
    What are key features of this property?
    This property features: Absolute NNN Lease with Advanced Dentistry of Centre County in place through 2029, providing stable income.; Potential for owner‑operator to occupy the vacant unit and eliminate rent expenses.; Significant estimated annual tax savings (+$75,000) and after‑tax cash flow (+$30,000) for owner‑operator.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Marc McMaster
    Real Estate License ID: PA AB067113
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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