Renovated Medical Office
For Sale
$1,500,000
785 Cherry Tree Ct, Hanover, PA 17331
Medical office configuration includes treatment space, therapy area, private offices, and a finished lower level.
Property Size9,404 SF
Price / SF$159.51
Days on Market53
Property Features for 785 Cherry Tree Ct
General Information
Standard status
Active
Size
9,404 SF
Class
A
Property subtype
Office
Building Details
Building Size
9,404 SF
Year Built
1996
Year Renovated
2017
Buildings
1
Listing Agency:
NAI CIR
Listed By:
Casey Khuri · License #RS340051
(717) 574-5696
Source:
Circommercial
Added: Aug 15
Changed: Sep 9
Last Checked: Oct 5 at 3:28PM
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 NAI CIR
Investment Insights
Based on property information with market context.
This medical office property provides 9,404 SF of space within the Cherry Tree Court Professional Center. The layout includes an exam and treatment room, a designated physical therapy area, and multiple private offices, supporting a range of clinical and administrative functions.
The building was constructed in 1996 and renovated in 2017. A fully finished approximately 8,400 SF lower level adds substantial additional space to the property’s main medical-office configuration.
The building was constructed in 1996 and renovated in 2017. A fully finished approximately 8,400 SF lower level adds substantial additional space to the property’s main medical-office configuration.
Key Highlights
- 9,404 SF medical office building
- Fully finished +/-8,400 SF lower level
- Renovated in 2017
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,659
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$933,180
$933.2K
Cap Rate 7%
$666,557
$666.6K
Cap Rate 9%
$518,433
$518.4K
Market Conditions
NOI Build-Up for 9,404 SF
Gross rent
$82.4K $8.76/SF
− Vacancy
−$4.6K −$0.49/SF
EGI
$77.8K $8.27/SF
− OpEx
−$31.1K −$3.31/SF
NOI
$46.7K $4.96/SF
Area
York County, PA
Vacancy
5.60%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$933,180
Cap Rate 7%
$666,557
Cap Rate 9%
$518,433
Alternative Uses
Best Use
Office B
$2.14M
$1.87M – $2.50M
NOI $149,928 @ 7.0% cap · market cap 10.00%
Second Best
Healthcare Medical
$666.6K
$583.2K – $777.7K
NOI $46,659 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,595 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 17331, PA
55,458
Population
23,528
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
90%
High-School Grad
74.4 sq mi
ZIP Area
745
Density / Sq Mi
$76,661
Median Household Income
$45,168
Median Earnings
$1,127
Median Rent
$228,700
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?
Medical Office Space - Medical office configuration includes treatment space, therapy area, private offices, and a finished lower level.
Where is this medical office space located?
The property is located at 785 Cherry Tree Ct Hanover, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 9,404 SF medical office building; Fully finished +/-8,400 SF lower level; Renovated in 2017
