For Sale
$4,200,000

303 Harford StMilford, PA 18337

10,700 SF Medical Office, 7% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A medical office building presents a compelling investment opportunity. Located at 303 W Harford St, Milford, PA 18337, this fee-simple property boasts 10,700 square feet across two, two-story buildings. Currently 100% occupied by a highly accredited cosmetic dermatology surgery center under a single, long-term NNN lease expiring January 14, 2040, with a remaining term of 15 years and built-in 2.0% annual rent increases. The property features a strong net operating income (NOI) of $294,000, resulting in a 7.00% capitalization rate and a price per square foot of $392. The tenant, with over 38 years of experience and AAAHC accreditation for eight consecutive years, demonstrates financial stability and a strong local presence. Built in 1990 and renovated in 2019, this strategically located asset sits on the Pennsylvania-New Jersey border, offering convenient access via Interstate 84 and serving a highly affluent demographic with average incomes exceeding $98,000 annually within a 5-mile radius. The property's location within the New York metropolitan statistical area (MSA) provides access to a large and growing population base. This investment offers a stable, long-term cash flow with built-in protection against inflation, making it an attractive option for investors seeking a passive income stream in the thriving healthcare sector. The property's prime location and the tenant's strong financial performance contribute to its significant investment potential.

Highlights

  • 15-year lease with a 7% Year-1 return in the New York MSA, providing a stable, long-term investment.
  • NNN lease structure in a recession-resistant healthcare property, ideal for local or national investors.
  • 2% annual rent increases and up to 20 years of renewal options offer inflation protection and growing cash flow.
  • Located in the rapidly growing US Ambulatory Surgical Centers market, projected to reach $205.52 billion by 2030.
  • Prime location within the New York MSA, 90 minutes from Manhattan, in a densely populated area.
  • High-traffic location on I-84 near the Pennsylvania-New Jersey border, easily accessible from multiple states.

Property Details for 303 Harford St

Property type
Office properties, Medical offices
Square Feet
10,700 SF
Class
A
Year Built/Renovated
1990/2019
Buildings
2
Stories
2

Location Insight

City
Milford
County
Pike
State
Pennsylvania
Latitude
41.3246184
Longitude
-74.8065255
303 Harford St, Milford, Pennsylvania

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303 Harford St
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