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Office Medical

UPMC Hanover

18 - 20 North St, Hanover, PA 17331

Listing Price: $2,400,000

Cap Rate
5.77%
Gross SF
9,194
Rentable SF
9,194
Price/Gross SF
$261.04
Occupancy
100.0%
Year Built
2016
Lot Size
0.53 acres

Investment Overview

Marcus & Millichap is pleased to exclusively present 18-20 North Street, Hanover, PA 17331. The Subject Property is a 2 unit medical office building that encompasses 9,194 SF of rentable space and sits on 0.53 acres of land. The property is currently 100% occupied by UPMC Obstetrics & Gynecology with 5 years remaining on term. Formerly Mountain View OB-GYN, the medical practice was recently acquired by UPMC, which is one of the leading healthcare providers in the Central Pennsylvania Market. The tenants are on double net leases providing any investor with minimal landlord responsibilities. Tenant is responsible for all operating expenses, insurance, and taxes while the landlord is responsible for the roof, structure, & HVAC. Most recently, ownership installed a brand new HVAC unit in 2021. The Subject Property also offers additional storage space in the basement. Tenant is currently in the process of updating the sign to reflect the recent acquisition by UPMC. The Hanover Office Market saw little to no disruption over the past twelve months despite the ongoing pandemic. With an office vacancy rate of only 4.4%, Hanover and the York County market remain one of the most desirable locations in Southeastern Pennsylvania due to the high barrier of entry as well as the continued favorable trends. With the increase in development costs, there are currently no new construction office projects underway which leads to increased value for any existing medical office properties.

Investment Highlights

  • 100% Occupied Medical Office Building - UPMC Obstetrics & Gynecology
  • 2% Annual Increases – Hedge Against Inflation
  • Strategically Located 3 Blocks from UPMC Hanover Hospital

Exclusively Listed By

Financing By

Listing Price: $2,400,000

Cap Rate
5.77%
Gross SF
9,194
Rentable SF
9,194
Price/Gross SF
$261.04
Occupancy
100.0%
Year Built
2016
Lot Size
0.53 acres

Investment Highlights

  • 100% Occupied Medical Office Building - UPMC Obstetrics & Gynecology
  • 2% Annual Increases – Hedge Against Inflation
  • Strategically Located 3 Blocks from UPMC Hanover Hospital

Investment Overview

Marcus & Millichap is pleased to exclusively present 18-20 North Street, Hanover, PA 17331. The Subject Property is a 2 unit medical office building that encompasses 9,194 SF of rentable space and sits on 0.53 acres of land. The property is currently 100% occupied by UPMC Obstetrics & Gynecology with 5 years remaining on term. Formerly Mountain View OB-GYN, the medical practice was recently acquired by UPMC, which is one of the leading healthcare providers in the Central Pennsylvania Market. The tenants are on double net leases providing any investor with minimal landlord responsibilities. Tenant is responsible for all operating expenses, insurance, and taxes while the landlord is responsible for the roof, structure, & HVAC. Most recently, ownership installed a brand new HVAC unit in 2021. The Subject Property also offers additional storage space in the basement. Tenant is currently in the process of updating the sign to reflect the recent acquisition by UPMC. The Hanover Office Market saw little to no disruption over the past twelve months despite the ongoing pandemic. With an office vacancy rate of only 4.4%, Hanover and the York County market remain one of the most desirable locations in Southeastern Pennsylvania due to the high barrier of entry as well as the continued favorable trends. With the increase in development costs, there are currently no new construction office projects underway which leads to increased value for any existing medical office properties.

Exclusively Listed By

Financing By

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