924 RUSSELL DR Lebanon, PA 17042
UPDATED:  
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925000
/mo

-1Bed

-1Bath

-1SqFt

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Key Details

Property Type: Commercial

Sub Type: Office

Listing Status: Active

Purchase Type: For Sale

Lot Size: 1.000 Acres

Year Built: 1995

MLS Listing ID: PALN114630

Subdivision: Tuck Business Park

Total Units: 1

Short Sale: No

HOA Y/N: N

Originating MLS: BRIGHT

Property Description

Excellent opportunity to own a Modern Office building in a desirable Business Park with Social Security as Tenant. Built specifically for Social Security occupancy. Single tenant, monthly rent automatically deposited. Rent increased 5-23-20. Tenant just signed a 5 yr. extension. Scheduled rent increases 21.74% during the extension period (an average of just over 4% per year). Current net operating income of $65,579 is a 7.09% Cap Rate. Annual Real Estate Tax Escalator, Annual CPI adjustment for operating costs. Operating expenses listed are an average of 2015 thru 2019 actual expenses. A purchase at the listed price plus estimated acquisition costs, with projected net income based on scheduled rents, and assuming a $1,125,000 sale price at the end of the extension generates a 10.17% Internal Rate of Return, Owner has relocated out of state and is looking to exchange into and investment in that location.

Location

State: PA

County: Lebanon

Area: North Cornwall Twp (13226)

Zoning: O-I

Interior

Hot Water: Natural Gas

Heating: Forced Air

Cooling: Central A/C

Flooring: Carpet,Ceramic Tile,Concrete,Vinyl

Heat Source: Natural Gas

Exterior

Garage Spaces: 33.0

Waterfront: N

Water Access: N

Roof Type: Pitched,Shingle

Street Surface: Black Top

Accessibility: 32\"+ wide Doors,48\"+ Halls,Level Entry - Main,No Stairs,Accessible Switches/Outlets

Road Frontage: Boro/Township

Parking Type: Parking Lot

Total Parking Spaces: 33

Garage: N

Building

Lot Description: Corner

Foundation: Slab

Lot Dimensions: 361x249x240

Sewer: Public Sewer

Water: Public

New Construction: N

Schools

School District: Cornwall-Lebanon

Others

Tax Amount: $18,801

Tax Year: 2021

Tax ID: 26-2339277-360670-0000

Ownership: Fee Simple

SqFt Source: Assessor

Acceptable Financing: Cash,Conventional

Special Sale: Standard

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Nearby School & Properties

43 WALK
SCORE
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    Teresa Repetto Real Broker, LLC
    Teresa Repetto

    Agent License ID: PA RS225481L

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