North East Medical Center
Office | 8.11% CAP | 29,600 SqFt
Marketing description
Wolf Commercial Real Estate (WCRE | CORFAC International), as an exclusive broker, is pleased to present a +/- 29,600 SF Medical Office investment opportunity at 9150 Marshall Street in Northeast Philadelphia, PA - North East Medical Center.
This 75% leased asset offers investors stable in-place income alongside a clear value-add opportunity through the lease-up of approximately 7,600 SF of vacancy and the extension of tenants with near-term expirations. The asset features an overall average weighted remaining lease term of 4 years and 2 months, with active discussions underway to renew and extend existing tenancy. The anchor tenant, occupying 16,550 SF, is under lease through 2034, providing long term income stability.
The property currently generates $405,555 in annual income, with a conservatively projected potential income of $516,028 - representing a 27% increase in net operating income through vacancy lease-up and property stabilization. This projection is based on achieving market rents for the remaining 7,600 SF of vacant space under current leasing conditions.
This offering provides investors with immediate cash flow through sticky tenancy and the opportunity to enhance long-term returns through strategic leasing and enhanced asset management.
Investment highlights
- Value Add Class C Medical Office Building (MOB)
- Regionally recognized/specialty practice medical tenants offering diverse, complimentary medical uses
- ~56% occupied by Soar Corp; under lease through 2034 and over 10 years of previous tenancy
- Roth Ear, Nose & Throat has over 25 years of tenancy and is in process of being renewed for additional lease term
- Limited recent marketing creates a unique opportunity to unlock value through proactive leasing and strategic repositioning.
- Staggered rent expirations and renewals diminish retaining costs and reduce vacancy exposure
- Located off of Roosevelt Blvd (Route 1) & Welsh Road Northeast Philadelphia, Philadelphia County, PA
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