Marcus & Millichap Sells Medical Office In West Reading, Pennsylvania For $2.8M
301 Penn Avenue
$2,800,000
$280/SF
Building Size
10,000 SF
Asset Type
Medical Office
Closing
May 3, 2023
AI
The commercial real estate brokerage firm Marcus & Millichap has announced the sale of a 10,000-square-foot medical office property located at 301 Penn Avenue in West Reading, Pennsylvania. The property was sold for $2,800,000 by a private investor. Situated in a high-traffic area, the property benefits from over 33,900 vehicles passing by daily.
Summary of transation details
- Property Type: Medical Office
- Transaction Amount: $2,800,000
- Address: 301 Penn Avenue, West Reading, Pennsylvania
- Market: West Reading, Pennsylvania
- Brokers: Mher Vartanian, Craig Dunkle & Clayton Hollinger - Marcus & Millichap
- Square Footage: 10,000
- Price per Square Foot: $280
This transaction showcases the resilience of the medical office sector amid market uncertainties. The property's strategic location in a high-traffic area adds to its investment value. The sale was facilitated by Marcus & Millichap, with brokers Mher Vartanian, Craig Dunkle, and Clayton Hollinger representing the parties involved.
Players
Scranton Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93