2014 Sandy Dr
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2014 Sandy Dr
11,588 SF 67% Leased Office Building State College, PA 16803 $3,200,000 ($276/SF)
Investment Highlights
- Over 13,000 vehicles per day
Executive Summary
2014 Sandy is a two-unit dental office located west of Penn State University in the Science Park Commercial District
•Class A Medical Building; with both units configured as Dental
•1 Unit occupied by Advanced Dentistry of Centre county, 1 Unit Currently Vacant (as of 1/31/2024) –Vacant unit was leased previously by Advanced Dentistry
•Two separate entrances with parking for approximately 50 cars
•Both AC units replaced in 2023 and 2024. Main unit converted to energy efficient heat pump.
•Advanced Dentistry on an Absolute NNN Lease
•$9893 Direct rent + $3444.23 Additional rent (for Cam Expenses; True up at YE); Leased through 2029
•100% of directly metered utilities
•60.14% of CAM utilities shared across the two spaces specifically: Building Insurance, Landscaping/Snow, Permits, Property Tax, Repairs, Pest, Water/Sewer
•Estimated 199% Cam is approximately $50,000-$65,000 per year
•Ideal opportunity for Owner Operator
•Class A Medical Building; with both units configured as Dental
•1 Unit occupied by Advanced Dentistry of Centre county, 1 Unit Currently Vacant (as of 1/31/2024) –Vacant unit was leased previously by Advanced Dentistry
•Two separate entrances with parking for approximately 50 cars
•Both AC units replaced in 2023 and 2024. Main unit converted to energy efficient heat pump.
•Advanced Dentistry on an Absolute NNN Lease
•$9893 Direct rent + $3444.23 Additional rent (for Cam Expenses; True up at YE); Leased through 2029
•100% of directly metered utilities
•60.14% of CAM utilities shared across the two spaces specifically: Building Insurance, Landscaping/Snow, Permits, Property Tax, Repairs, Pest, Water/Sewer
•Estimated 199% Cam is approximately $50,000-$65,000 per year
•Ideal opportunity for Owner Operator
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$118,716
|
$10.24
|
| Other Income |
$48,091
|
$4.15
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$166,807
|
$14.39
|
| Taxes |
$24,104
|
$2.08
|
| Operating Expenses |
$69,800
|
$6.02
|
| Total Expenses |
$93,904
|
$8.10
|
| Net Operating Income |
$72,903
|
$6.29
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $118,716 |
| Annual Per SF | $10.24 |
| Other Income | |
|---|---|
| Annual | $48,091 |
| Annual Per SF | $4.15 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $166,807 |
| Annual Per SF | $14.39 |
| Taxes | |
|---|---|
| Annual | $24,104 |
| Annual Per SF | $2.08 |
| Operating Expenses | |
|---|---|
| Annual | $69,800 |
| Annual Per SF | $6.02 |
| Total Expenses | |
|---|---|
| Annual | $93,904 |
| Annual Per SF | $8.10 |
| Net Operating Income | |
|---|---|
| Annual | $72,903 |
| Annual Per SF | $6.29 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Medical
Building Size
11,588 SF
Building Class
A
Year Built
2012
Price
$3,200,000
Price Per SF
$276
Percent Leased
67%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
11,305 SF
Building FAR
0.35
Land Acres
0.76 AC
Zoning
PRD - Planned Residential Development
Parking
30 Spaces (2.65 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Kitchen
- Basement
- Secure Storage
- Outdoor Seating
- Air Conditioning
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Advanced Dentistry
- Health Care and Social Assistance
- -
- -
- Triple Net
- Oct 2029
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Advanced Dentistry | Health Care and Social Assistance | - | - | Triple Net | Oct 2029 |
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 1st Floor
- 3,806 SF
- Office/Medical
- Full Build-Out
- 30 Days
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 3,806 SF | Office/Medical | Full Build-Out | 30 Days |
1st Floor
| Size |
| 3,806 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
PROPERTY TAXES
| Parcel Number | 24-433-021-0000 | Total Assessment | $402,620 (2024) |
| Land Assessment | $49,800 (2024) | Annual Taxes | $24,104 ($2.08/SF) |
| Improvements Assessment | $352,820 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
24-433-021-0000
Land Assessment
$49,800 (2024)
Improvements Assessment
$352,820 (2024)
Total Assessment
$402,620 (2024)
Annual Taxes
$24,104 ($2.08/SF)
Tax Year
2023
-
Marc McMaster -
RE/MAX Centre Realty
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2014 Sandy Dr
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