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    924 Russell Drive

    LEBANON, PA 17042
    • $925,000
    • STATUS: Active
    • ON SITE: 142 days
    • ID#: PALN114630
    UPDATED: 67 min ago
    $925,000
    • 0
      BEDS
    • 1
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1995
    County:

    School Ratings & Info

    School District:

    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 received 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.

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    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Liz Hamberger Real Estate Team of KW Keystone Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-12-04T11:53:33.753.
    www.pahousesale.com/homes/107848861
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    924 Russell Drive LEBANON, PA 17042

    • Price: $925,000
    • Status: Active
    • Updated: 67 min ago
    • ID#: PALN114630
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1
    Acres
    1995
    Built
    Neighborhood:
    Tuck Business Park
    County:
    Lebanon
    Area:
    North Cornwall Twp (13226)
    School District:
    Cornwall-Lebanon
    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 received 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.
    Exterior Features

    Construction Materials Brick VeneerDryvitStone Door Features Double Entry Garage YN No Lot Features Corner Parking Features Handicap ParkingLighted ParkingPaved Parking Parking Types Parking Lot Property Condition Excellent Riparian Rights YN No Road Responsibility Boro/Township Road Surface Type Black Top Roof PitchedShingle Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 6218.00 Cooling Central A/C Flooring CarpetCeramic TileConcreteVinyl Heating Forced Air Heating YN Yes Net Square Feet 5400.00

    Property Features

    Acceptable Financing CashConventional Accessibility Features 32"+ Wide Doors48"+ HallsLevel Entry - MainNo StairsAccessible Switches/Outlets Assessment Year 2020 Association YN No Business Type Professional Central Air YN Yes Cooling Fuel Electric Cross Street Isabel Drive Electric 200+ Amp Service3 PhasesCircuit Breakers Entry Level 1 Foundation Details Slab Gross Income 126557.00 Heating Fuel Natural Gas Hot Water Natural Gas Incorporated City Name North Cornwall Twp Navigable Water YN N Net Operating Income 65579.00 New Construction YN No Number Of Units Total 1 Operating Expense 42317.00 Operating Expense Includes ElectricHeating/CoolingInsuranceLandscapingManagement FeesPest ControlRepair/MaintenanceSewerSnow RemovalTrashWater Original MLSNumber 304200253393 Owner Pays All Utilities Ownership Interest Fee Simple Possession SettlementSubject To Existing Lease Property Sub Type Office Sale Type Standard Sewer Public Sewer Tax Annual Amount 18801.00 Tax Assessment Amount 907000.00 Vacation Rental YN No Water Source Public Year Built Effective 2006 Zoning O-I Zoning Description Office Institutional

    Listing courtesy of Suburban Realty.


    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Liz Hamberger Real Estate Team of KW Keystone Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-12-04T11:53:33.753.
     
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    Liz Hamberger Real Estate Team of KW Keystone Realty
    1620 S. Queen St.
    York PA, 17403