Medical Suites For
For Sale
Contact for pricing
2602 Wilmington Rd, New Castle, PA 16105
Three medical suites available in close proximity to amenities.
Property Size1,350 SF
Price / SF$166.67
Days on Market782
Property Features for 2602 Wilmington Rd
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Office
Listing Agency:
Hanna Commercial Real Estate - Pittsburgh
Listed By:
Michael Connor · License #PA RS330446
(412) 261-2200
Source:
Crexi
Added: Jul 18, 2024
Changed: Aug 24
Last Checked: Sep 7 at 1:35AM
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 Hanna Commercial Real Estate - Pittsburgh
Investment Insights
Based on property information with market context.
Three medical suites are available for sale. The suites are second generation medical spaces. Suite 208 offers 1,152 square feet, Suite 207 provides 1,184 square feet, and Suite 206 features 1,350 square feet. The property is located in close proximity to medical users and retail amenities.
Key Highlights
- Three medical suites available for one price ($225,000).
- Suites are available for individual sale.
- All suites are 2nd generation medical spaces.
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
$17,246
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
7.66%
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%
$344,920
$344.9K
Cap Rate 7%
$246,371
$246.4K
Cap Rate 9%
$191,622
$191.6K
Market Conditions
NOI Build-Up for 1,350 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
$30.5K $22.56/SF
− Vacancy
−$7.5K −$5.53/SF
EGI
$23.0K $17.03/SF
− OpEx
−$5.7K −$4.26/SF
NOI
$17.2K $12.77/SF
Area
Lawrence 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%
$344,920
Cap Rate 7%
$246,371
Cap Rate 9%
$191,622
Alternative Uses
Best Use
Office B
$246.4K
$215.6K – $287.4K
NOI $17,246 @ 7.0% cap · market cap 7.66%
Second Best
Healthcare Medical
$160.6K
$140.5K – $187.3K
NOI $11,239 @ 7.0% cap · market cap 5.00%
Theoretical Best
Warehouse
$1.64M
$1.43M – $1.91M
NOI $114,780 @ 7.0% cap · market cap 51.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16105, PA
15,420
Population
7,249
Households
2.1
Avg Household Size
49
Median Age
35%
College-Educated
95%
High-School Grad
25.6 sq mi
ZIP Area
602
Density / Sq Mi
$67,256
Median Household Income
$46,539
Median Earnings
$965
Median Rent
$175,100
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?
Medical Office Space - Three medical suites available in close proximity to amenities.
Where is this medical office space located?
The property is located at 2602 Wilmington Rd New Castle, PA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Three medical suites available for one price ($225,000).; Suites are available for individual sale.; All suites are 2nd generation medical spaces.
