Single Tenant Investment
For Sale
Contact for pricing
449 McCormick Rd, Coraopolis, PA 15108
Single tenant building leased to the Pennsylvania State Police.
Property Size15,680 SF
Price / SF$188.14
Days on Market198
Property Features for 449 McCormick Rd
General Information
Standard status
Active
Size
15,680 SF
Property subtype
Retail, Office
Zoning
BP
Occupancy
100%
Net Operating Income
$217,258
Building Details
Year Built
2001
Listing Agency:
SVN | Three Rivers Commercial Advisors
Listed By:
Jason Campagna · License #PA RM424399
(412) 535-5756
Source:
Crexi
Added: Mar 24
Changed: Oct 1
Last Checked: Oct 7 at 10:47AM
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 SVN | Three Rivers Commercial Advisors
Investment Insights
Based on property information with market context.
This 15,680 square foot single-tenant building is available for sale. The property is currently leased to the Pennsylvania State Police, with approximately 2 years remaining on the lease term. The tenant has two five-year renewal options. The facility has been used as a state police barracks for 20 years. The building includes 14 offices, a lobby, several restrooms, men's and women's locker rooms, a classroom, a fitness room, a storage room, and a garage, among other spaces. A new roof was installed in 2024, and new HVAC is planned for 2025. The tenant is responsible for electric, gas, janitorial services, snow removal, and landscaping.
Key Highlights
- Leased to Pennsylvania State Police, providing stable income.
- Government leased property, an ideal investment opportunity.
- New roof (2024) and HVAC (2025)**.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$200,306
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,006,120
$4.0M
Cap Rate 7%
$2,861,514
$2.9M
Cap Rate 9%
$2,225,622
$2.2M
Market Conditions
NOI Build-Up for 15,680 SF
Gross rent
$353.7K $22.56/SF
− Vacancy
−$86.7K −$5.53/SF
EGI
$267.1K $17.03/SF
− OpEx
−$66.8K −$4.26/SF
NOI
$200.3K $12.77/SF
Area
Allegheny County, PA
Vacancy
24.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,006,120
Cap Rate 7%
$2,861,514
Cap Rate 9%
$2,225,622
Alternative Uses
Best Use
Office B
$2.86M
$2.50M – $3.34M
NOI $200,306 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.99M
$3.49M – $4.66M
NOI $279,576 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
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Business Placement
Demographics for 15108, PA
43,422
Population
18,179
Households
2.4
Avg Household Size
40
Median Age
47%
College-Educated
96%
High-School Grad
39.5 sq mi
ZIP Area
1,099
Density / Sq Mi
$94,703
Median Household Income
$52,327
Median Earnings
$1,161
Median Rent
$255,200
Median Home Value
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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?
Office building - Single tenant building leased to the Pennsylvania State Police.
Where is this office building located?
The property is located at 449 McCormick Rd Coraopolis, PA.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Leased to Pennsylvania State Police, providing stable income.; Government leased property, an ideal investment opportunity.; New roof (2024) and HVAC (2025)**.
