9.14% CAP OFFICE/RETAIL BUILDING IN EXPANDING MARKET · office building for sale dlp • 95 highland avenue, suite 300, bethlehem, pa 18017 • dlpmultifamily.com 9.14% cap office/retail

Office Building For Sale

DLP • 95 HIGHLAND AVENUE, SUITE 300, BETHLEHEM, PA 18017 • DLPMULTIFAMILY.COM

9.14% CAP OFFICE/RETAILBUILDING IN EXPANDING MARKET2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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95 Highland Avenue,Suite 300,Bethlehem, PA 18017 • 610.421.4610 • dlpmult i fami ly.com

TABLE OF CONTENTS2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

Confident ia l i t y & D isc la imer

All materials and information received or derived from DLP its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither DLP its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source,whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. DLP will not investigate or verify any such matters or conduct duediligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. DLP makes no warranties and/or representations regarding the veracity, completeness, orrelevance of any financial data or assumptions. DLP does not serve as a financial advisor to any party regarding any proposedtransaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differfrom actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do notnecessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for theproperty.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certifiedpublic accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regardingthe condition of the property and whether the property complies with applicable governmental requirements should be discussed by theparty with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services aremarketed by DLP in compliance with all applicable fair housing and equal opportunity laws.

3PROPERTY INFORMATION

7LOCATION INFORMATION

13DEMOGRAPHICS

16ADDITIONAL INFORMATION

19ADVISOR BIO & CONTACT

Contents

1

PROPERTY INFORMATION2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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PROPERTY OVERVIEWOpportunity to purchase a stabilized office building with recent renovations! This two story, walk-upstorefront/office style building features 11,222 square feet in a prime commercial location. The propertysits on a professionally landscaped .68 acres with over 22 parking stalls. Each suite features itsown private covered entrance and access to the lit monument sign which is visible from both PA 115and RT 940. Individual suites range in size from +/-700 - 2,000 SF and can be combined.The parcel sits adjacent to the intersection of Route 940 and PA 115 in Blakeslee. Other local establishedbusinesses include Wawa, PNC Bank, CVS, Choice Cigarette Outlet, PA Wine & Spirits,Family Dollar, Citizens Bank, Dunkin Donuts, National Auto Stores and the Blakeslee Post Office.Route 80 is located 1.2 miles South and is accessible via East and West directions.Occupants include well known H&R Block and Spectrum Brands as well as local and regionalbusinesses. The building is one of the few professional office buildings in the area. The area hasseen growth in the medical field and industrial warehouse. The immediate area around the building features apodiatrist, dental clinic, physical therapy, orthopedic surgeon, family practice, and chiropractor.Many improvements to the property have been made with the bulk being in the past 6 months. Every vacantoffice has been remodeled and received new carpet and paint. Repairs to ceilings, plumbing, and HVAC,were also performed. Suite 4 also received a new mini split system to help with heat and cooling year round.In addition to interior remodels, the exterior was power washed, decking replaced, landscaping installed andthe parking lot received large areas of new black top.With the extensive repairs and remodeling to all facets of the building, the next owner should expect minimalcapital investment to maintain a long period of great returns. With the addition of the brand new warehouseand distribution center just down the road, new jobs and businesses will provide a strong need for local officespace for the foreseeable future.

Contact Bruce Eaton at 570-460-3985 to reserve your tour date.

PROPERTY HIGHLIGHTS

• 92% occupied

• Multi-year leases with built-in escalations

• Major improvements complete

• Low operating expenses

PROPERTY SUMMARY

Sale Price: $500,000

NOI: $45,687

Cap Rate 9.14%

Lot Size: 0.68 Acres

Building Size: 11,222 SF

Building Class: B

Ceiling Height: 8.0 FT

Year Built: 1986

Renovated: 2018

Zoning: Commercial

Cross Streets: Route 115 and Route 940

EXECUTIVE SUMMARY2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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LOCATION DESCRIPTION

Rt 115 to RT 940. Property is situated next to a Citgo gas station on opposite side of WaWa, catty-cornerfrom PNC. Blakeslee Square is located at the intersection of routes 115 and 940.

SITE DESCRIPTION

“Blakeslee Corners” is a small town center that brings together a much wider rural area at the intersection oftwo major throughways and proximity to Route 80, the nation’s 9th busiest highway. A large tourism industrypowers the local economy. Recent water park development including CamelBeach, Kalahari, and Great WolfLodge offer attractions during the summer months. And in the winter, residents and guests head to theslopes for some of the area’s best skiing and snowboarding. Large home owner associations withspectacular amenities attract year round residents.Blakeslee is located approximately 100 miles from New York City and Philadelphia in Monroe County, whichshares a border with New Jersey. One of the area’s main economic driver is public sector employment, morespecifically the Tobyhanna Army Depot. Also fueling the Blakeslee economy is Sanofi Pasteur, one of thelargest vaccine producers in the world, and the WalMart distribution center Blakeslee’s unemployment rate isslightly higher than the national average at 6.3%. However, job growth for the region is predicted to climb2.49% in the coming year and over 38% over the next ten years.The region has become a hotspot for the tourism industry with new waterparks, both indoor and out,casinos, several ski areas and new hotels. With growth in both the private and public sector, Blakesleeshould continue to see strong improvement in job creation and median income growth.

ZONING

Commercial

CONSTRUCTION

Wood Frame & Vinyl Siding

PROPERTY DESCRIPTION2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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ADDITIONAL PHOTOS2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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LOCATIONINFORMATION2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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274 Route 940

REGIONAL MAP2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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LOCATION MAPS2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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AERIAL MAP2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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INCOME & EXPENSES2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

INCOME SUMMARY PER SF

Gross Scheduled Income $76,742 $6.84Expense Reimbursements & Other Income $10,850 $0.97

GROSS INCOME $87,592 $7.81

EXPENSE SUMMARY PER SF

Real Estate Taxes $12,486 $1.11Insurance $1,806 $0.16Repairs & Maintenance $8,235 $0.73Total Contract Services $8,535 $0.76Total Utilities $4,520 $0.40Tenant Area Expense $6,319 $0.56

GROSS EXPENSES $41,905 $3.73

NET OPERATING INCOME $45,687 $4.07

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TENANTNAME

UNITNUMBER

UNITSIZE (SF)

ANNUALRENT

% OFBUILDING

PRICEPER SF/YR

Bonnie Kaminski 1 786 $5,846 7.0 $7.44

Loss Management Solutions 2 728 $4,732 6.49 $6.50

Spectrum Brands 3 1,106 $7,458 9.86 $6.74

DeAngelo Brothers (DBi Services) 4-10 1,590 $13,917 14.17 $8.75

H&R Block 5-6 884 $20,791 15.33 $12.09

Ivanna Kolesa 7 830 $4,662 7.4 $5.62

Pennsy Supply 8-9 1,910 $13,287 17.02 $6.96

Pocono Resorts Realty 11 930 $6,048 8.29 $6.50

Vacant 12 898 $0 8.0 $0.00

Totals/Averages 10,498 $76,741 $7.31

RENT ROLL2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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DEMOGRAPHICS2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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DEMOGRAPHICS REPORT2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

1 MILE 5 MILES 10 MILES

Total households 143 2,557 10,307

Total persons per hh 2.7 2.7 2.7

Average hh income $63,584 $62,676 $61,927

Average house value $201,161 $194,478 $192,530

1 MILE 5 MILES 10 MILES

Total population 390 6,882 27,876

Median age 38.0 38.7 40.4

Median age (male) 37.8 37.5 38.7

Median age (female) 39.1 40.5 42.1

* Demographic data derived from 2010 US Census

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* Demographic data derived from 2010 US Census

1 Mile 5 Miles 10 Miles

Total Population 390 6,882 27,876

Population Density 124 88 89

Median Age 38.0 38.7 40.4

Median Age (Male) 37.8 37.5 38.7

Median Age (Female) 39.1 40.5 42.1

Total Households 143 2,557 10,307

# of Persons Per HH 2.7 2.7 2.7

Average HH Income $63,584 $62,676 $61,927

Average House Value $201,161 $194,478 $192,530

DEMOGRAPHICS MAP2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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ADDITIONALINFORMATION2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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FLOOR PLANS2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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FLOOR PLANS2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

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ADVISOR BIO &CONTACT2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

95 Highland Ave, STE 300 Bethlehem, PA 18017

D. 570.460.3985O. 484.403.0185

[email protected]

BRUCE EATON Commercial Manager & Investment Advisor

Professional BackgroundBruce started in commercial real state and investment property services in 2009. He works with clients to understand their needs and desires and works diligently to achieve their real estate investment goals. He works with both buyers and sellers; additionally Bruce represents landlords and tenants for lease space.

He has sold over $5M in real estate and provided representation in 23 leases in the past 12 months.

As an active buyer of investment property, Bruce understands the challenges to successfully acquiring and managing a profitable portfolio.

He lives in Eastern Pennsylvania with his wife.

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BRUCE EATON BIO & CONTACT2 7 4 R O U T E 9 4 0 , B L A K E S L E E , P A 1 8 6 1 0

Documents

9.14% CAP OFFICE/RETAIL BUILDING IN EXPANDING MARKET · office building for sale dlp • 95 highland avenue, suite 300, bethlehem, pa 18017 • dlpmultifamily.com 9.14% cap office/retail