2575 Interstate DrHarrisburg, PA 17110

Property Details for 2575 Interstate Dr

Year built

1997

Lot size

4.23 AC

Property size (Sq ft)

135,392 SF

Property type

Office properties

Property subtype

Other office properties

APN

62-021-138

APU

62021138

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $21,863,540

  6.5%

  $20,181,730

  7%

  $18,740,178

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,369,167

  Geo Method

  $8,517,511

• Alternative Use

  Use

  Valuation

  Residential

  $25,025,344

  Hospitality

  $22,923,080

  Educational

  $19,071,734

  Medical

  $19,727,640

  Retail

  $29,667,142

Location Insight

City

Harrisburg

County

Dauphin

State

Pennsylvania

Latitude

40.3074

Longitude

-76.8437

CBSA code

25420

CBSA name

HARRISBURG-CARLISLE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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