941 Wheatland Avenue Lancaster, PA 17603

75,483 Sqft
81,457 Sqft lot
1.87 Acre lot
$7,300,000 Est. $26,881 / mo.*
Status: Active
Property Type: Office
Year Built: 1949
Days on Website: 97

Courtesy of Tracy L Horst, Progressive Property Mgmt..

Description

100% Commercial Investment Opportunity in the desirable West End of Lancaster City near Franklin & Marshall College. This 4 Story building known as Wheatland Place, is just 2 miles to Route 30 and consists of 75,483 gross sqft, with 40,304 leasable sqft. Income is generated by 18 Tenant suites (all NNN leases) + 2 rooftop cell tower leases. Wheatland Place main entrance features a welcoming lobby with a full glass vestibule, high ceilings, directory signage + seating area. Modernized Tenant suites offer an abundance of large operable windows, flexible floor plans and varying suite sizes. A rare City amenity is the large onsite parking lot offering 109 striped spaces. Additional amenities: Security via an automatic door locking schedule and 24/7 keycard access; 100% Sprinklered; ADA access +ADA Restrooms; passenger elevator by lobby and freight elevator by delivery door for ease of Tenant move in/out; Restrooms on each floor; Central heating system with individual central air for each suite, which are both Tenant controlled and Tenant paid. Tenant Longevity: 50% of Tenants have leased at Wheatland Place for over 10 years. *** Annual Net Operating Income is over $498,000 which includes non-recovered Owner expenses for Management Fee, Leasing Commissions, Landlord repairs and a 5% Vacancy Factor. List price provides a 6.83% CAP. Rent Roll is available upon signing an NDA. - Copy/paste for video preview of property: https://vimeo.com/444197115/f692ffd94d

Property Details and Features

  • City/Town Tax Pymnt Freq: Annually
  • City/Town Tax: $45,605
  • County Tax: $11,347
  • County Tax Pymnt Freq: Annually
  • School Tax: $86,855
  • Tax Annual Amount: $143,807
  • Tax Year: 2020
  • 2 elevators
  • 75,483 net sqft
  • 75,483 total building sqft
  • Built in 1949
  • 18 units in building
  • 4 levels in building
  • Brick
  • Central Air
  • Natural Gas
  • Central A/C
  • 2+ Access Exits
  • Elevator
  • Grab Bars Mod
  • 32+ wide Doors
  • Carpet
  • Hardwood
  • Laminated
  • Natural Gas
  • Forced Air
  • Net Operating Income: $498,583
  • 98 days on market
  • $97 per sqft
  • Property Sub Type: Office
  • County: Lancaster
  • Location Type: Free Standing
  • MLS Area: Lancaster City (10533)
  • Subdivision: West End Lancaster
  • 81,457 sqft
  • Lot Size Dimensions: 0.00 x 0.00
  • 1.87 acres
  • Landscaping
  • View: City,Panoramic,Trees/Woods
  • Rubber
  • Public Sewer
  • Hot Water: Natural Gas
  • Electric Available