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 Market147
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
(412) 535-5756
Listed By:
Jason Campagna · License #PA RM424399
Source:
Crexi
Added: Mar 24
Changed: Aug 12
Last Checked: Aug 17 at 6:23AM
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 = 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
$200,306
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
6.79%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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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)**.
