90 Chestnut StWashington, PA 15301

The Millcraft Office Center, a nine-story, 136,683-square-foot Class B office building in Washington, PA, presents a compelling value-add investment opportunity. Currently 68.28% occupied by 31 tenants, including prominent names like UPMC and the Commonwealth of Pennsylvania Department of Human Services, this property offers significant upside potential. The building, constructed in 1977 and renovated in 2024, boasts a strong location in downtown Washington, with high visibility and convenient access to major roadways. The 2.8-acre lot provides ample parking (1.18 spaces per 1,000 sq ft). The current NOI is $869,169, with a pro-forma NOI projected at $1,140,512, reflecting a pro-forma cap rate of 12.10%. The asking price is $9,658,000, representing a current cap rate of 9.00%. The property benefits from a diverse tenant mix across various sectors, including healthcare, finance, real estate, and law. With over 30% vacancy and numerous month-to-month leases, there's substantial opportunity to increase occupancy and rental rates. The strong demographics of the area, with over 100,000 residents within a 10-mile radius and an average household income exceeding $97,000, further enhance the investment prospects. The building's prominent location in a thriving downtown area, near major retailers and with high daily traffic counts, ensures strong visibility and accessibility. This is a rare opportunity to acquire a well-positioned office building with significant value-add potential in a growing market. The gross lease structure provides straightforward income generation.