433 W Patriot St
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433 W Patriot St
4,574 SF Office Building Somerset, PA 15501 $389,791 CAD ($85 CAD/SF) 9.28% Cap Rate
Investment Highlights
- Entire building leased to a single tenant with 6 years remaining on lease
- Tenant is a well-established not-for-profit corporation
- New HVAC installed 2024
Executive Summary
This is one of those investment properties that don't look sexy on the outside but are solid money makers. The property is well maintained and consists of 1st floor offices with two integral garages, along with two 2nd floor apartments (1-bedroom & 3-bedroom), all of which are leased to a single tenant under a lease extending thru March 2030. The tenant pays all utilities and is a well establish not for profit corporation.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$46,775
|
$10.23
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$46,775
|
$10.23
|
| Taxes |
$6,531
|
$1.43
|
| Operating Expenses |
$4,062
|
$0.89
|
| Total Expenses |
$10,594
|
$2.32
|
| Net Operating Income |
$36,181
|
$7.91
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $46,775 |
| Annual Per SF | $10.23 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $46,775 |
| Annual Per SF | $10.23 |
| Taxes (CAD) | |
|---|---|
| Annual | $6,531 |
| Annual Per SF | $1.43 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $4,062 |
| Annual Per SF | $0.89 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $10,594 |
| Annual Per SF | $2.32 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $36,181 |
| Annual Per SF | $7.91 |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Office/Residential
Building Size
4,574 SF
Building Class
B
Year Built
1966
Price
$389,791 CAD
Price Per SF
$85 CAD
Cap Rate
9.28%
NOI
$36,181 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
2,287 SF
Zoning
B-1 - Any use permitted in the R-3 Multi-Family Residential District and offices
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PROPERTY TAXES
| Parcel Number | 410014650 | Total Assessment | $85,128 CAD (2024) |
| Land Assessment | $0 CAD (2024) | Annual Taxes | $6,531 CAD ($1.43 CAD/SF) |
| Improvements Assessment | $0 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
410014650
Land Assessment
$0 CAD (2024)
Improvements Assessment
$0 CAD (2024)
Total Assessment
$85,128 CAD (2024)
Annual Taxes
$6,531 CAD ($1.43 CAD/SF)
Tax Year
2023
-
Mike Boland -
RMB Realty
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433 W Patriot St
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