For Sale
$30,015,000

2575 Interstate DrHarrisburg, PA 17110

Class A Medical Office, 8% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A medical office building, totaling 109,645 square feet, presents a compelling investment opportunity. Located at 2575 Interstate Drive in Harrisburg, Pennsylvania, this single-tenant property boasts a 100% occupancy rate with a long-term lease (7.4 years remaining) to the Commonwealth of Pennsylvania's Bureau of Laboratories, a credit-rated tenant. Built in 1997 and fully renovated in 2007, the building sits on a 4.23-acre lot and offers a modified net lease structure with operating expense reimbursement. The property generates a strong net operating income (NOI) of $2,401,380, resulting in an attractive 8.00% capitalization rate. The lease is fully guaranteed by the Commonwealth of Pennsylvania (Moody's Aa3 rating). An assumable loan is available with a below-market interest rate of 5.97%, a current balance of approximately $17 million, and a maturity date of December 15, 2031. Supplemental income streams are generated through electricity profit-sharing and demand response agreements. The Bureau of Laboratories performs critical testing of various substances, ensuring a high barrier to relocation. This mission-critical facility serves the state's environmental protection programs and is located in Harrisburg, Pennsylvania's capital city, a growing metropolitan area with a diverse economy. The asking price for this exceptional investment is $30,015,000.

Highlights

  • Investment-grade tenant: Commonwealth of Pennsylvania (Moody's Aa3 rating).
  • 7.4 years remaining on the lease term.
  • Modified net lease with operating expense reimbursement.
  • Mission-critical laboratory space for environmental testing.
  • 109,645 SF Class A medical office building on a 4.23-acre lot in Harrisburg, PA.
  • $30,015,000 asking price, 8.00% cap rate, $2,401,380 NOI.

Property Details for 2575 Interstate Dr

Property type
Office properties, Medical offices
Square Feet
109,645 SF
Class
A
Year Built/Renovated
1997/2007
Buildings
1
Lot Size (sq. ft)
184,259 SF

Location Insight

City
Harrisburg
County
Dauphin
State
Pennsylvania
Latitude
40.3073207
Longitude
-76.8435493
2575 Interstate Dr, Harrisburg, Pennsylvania

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2575 Interstate Dr
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