Address
924 Russell Drive Lebanon, PA
Price
$ 925,000
Property Attributes
  • MLS#PALN114630
  • TypeCommercial
  • CountyLEBANON
  • CityLebanon
  • AreaNorth Cornwall Twp
  • NeighborhoodTUCK BUSINESS PARK
  • Zip17042
  • StyleProfessional
  • Year Built1995
  • Taxes18801
  • Price$ 925,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage5400
  • Lot Size1 Acres
Listing Provided Courtesy Of:
Suburban Realty
Data Source:
Bright MLS
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 5-23-21. 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 $70,288 is a 7.6% Cap Rate. Annual Real Estate Tax Escalator, Annual CPI adjustment for operating costs. Operating expenses listed are an average of 2016 thru 2020 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.

Price History
7/15/2020 Listed $925,000

General Features

Acceptable Financing Cash, Conventional
Accessibility 32 + wide Doors, 48 + Halls, Level Entry - Main, No Stairs, Accessible Switches/Outlets
Business Type Professional
Construction Materials Brick Veneer, Dryvit, Stone
Cool Fuel Electric
Cooling Central A/C
County LEBANON
Days on Market 297
Electric 200+ Amp Service, 3 Phases, Circuit Breakers
Flooring Carpet, Ceramic Tile, Concrete, Vinyl
Heating Forced Air
MLS Area North Cornwall Twp (13226)
Municipality NORTH CORNWALL TWP
New Construction No
Ownership Fee Simple
Parking Features Handicap Parking, Lighted Parking, Paved Parking
Possession Settlement, Subject to Existing Lease
Price Per Sq Ft 148.76
Property SubType Office
Property Type Commercial Sale
Property Use Investment
PropertyCondition Excellent
Roof Pitched, Shingle
Sewer Public Sewer
Subdivision Name TUCK BUSINESS PARK
Tax Annual Amount 18801.0
Tax Year 2021
Total Units 1
Vacation Rental Y/N No
Water Access Y/N No
Zoning O-I
Zoning Description Office Institutional

Interior Features

Central Air Y/N Yes
Entry Level 1
Heating Fuel Natural Gas
Heating Y/N Yes
Hot Water Natural Gas
Total Restrooms 4

Exterior Features

Building Area Total 6218.00
Car Parking Spaces 33
Door Features Double Entry
Foundation Details Slab
Lot Dimensions 361x249x240
Lot Features Corner
Lot Size Acres 1.00
Lot Size Source Assessor
Lot Size Square Feet 43560.00
Navigable Water Y/N No
Road Frontage Length 361
Road Surface Type Black Top
Roadresponsibility Boro/Township
Total Parking Spaces 33
Type of Parking Parking Lot
Water Oriented Y/N No
Water Source Public
Water View Y/N No
Waterfront Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 17042

Price
AVG $300K
$930K
Taxes
AVG $10,740
$18,801
Visits
AVG 82
152
Year Built
AVG 1967
1995
Walkscore
AVG 54
44
Data Provided by Walkscore ® not using MLS data

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