3240 Schoolhouse RdMiddletown, PA 17057

Property Details for 3240 Schoolhouse Rd

Year built

1981

Lot size

2.31 AC

Property size (Sq ft)

25,186 SF

Property type

Office properties

Property subtype

Other office properties

APN

34-001-054

APU

34001054

Description

This exceptional investment opportunity presents a 40,671 square foot single-tenant office building in Middletown, PA, leased to the Pennsylvania Department of Conservation & Natural Resources (Credit Rated). The property boasts a strong 8.50% cap rate and a substantial Net Operating Income (NOI) of $657,409. Situated on 13.14 acres, the building, constructed in 1981 and extensively renovated in 2022, offers a long-term lease with a remaining term of approximately 7.7 years, expiring August 11, 2032. A significant 16.67% rent increase is scheduled for August 12, 2027. Lease options include one (1) five (5) year extension, extending the lease to August 11, 2037. The lease is a Net Lease (NN) structure, with the tenant responsible for all operating expenses including real estate taxes, utilities, insurance, and maintenance. The property benefits from its strategic location near State Route 283 (35,900 VPD) and Interstate 76 (34,600 VPD), providing excellent access to major transportation arteries and the Harrisburg MSA, home to over 603,000 people. Recent capital improvements exceeding $1 million include HVAC upgrades, a new roof with a 20-year warranty, an emergency generator, lighting upgrades, car charging stations, and parking lot improvements. The tenant has occupied the building since 2001, demonstrating a long-term commitment to the location. This is a rare opportunity to acquire a fee-simple interest in a high-quality, investment-grade property with a stable, long-term tenant. The asking price is $7,735,000.

• CAP approach

  CAP return

  Valuation

  6%

  $4,067,117

  6.5%

  $3,754,262

  7%

  $3,486,100

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,300,947

  Geo Method

  $1,584,451

• Alternative Use

  Use

  Valuation

  Residential

  $4,655,285

  Hospitality

  $4,264,216

  Educational

  $3,547,778

  Medical

  $3,669,791

  Retail

  $5,518,765

Location Insight

City

Middletown

County

Dauphin

State

Pennsylvania

Latitude

40.2278

Longitude

-76.7221

CBSA code

25420

CBSA name

HARRISBURG-CARLISLE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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