The Millcraft Office Center
136,683 SF | 63% Leased | Office Building | Washington, PA 15301 | $9,424,000 ($69/SF) | 8% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $9,424,000
- Property Type
-
Office
- Square Feet
- 136,683 SF
- Price / Square Foot
- $69
Listing Contacts
Carlos Cain
Verified Profile
Christopher Mitchel
Verified Profile
William Skoch
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is pleased to present The Millcraft Center, a 136,683 square foot office building located in Washington Pennsylvania. Home to large and small tenants, the Millcraft Center is one of the tallest and most recognizable structures in downtown Washington. Built in 1977, the office building stands at 9 stories high and is currently 62.93% leased to national and local tenants. More than thirty tenants provide a diverse mix of services and businesses covering healthcare, finance, real estate, law and more. Familiar household named tenants include UPMC, Commonwealth of PA Department of Human Services, Orkin, Washington Drug & Alcohol Commission and Liberty Dialysis. The investment opportunity presents tremendous upside with the office being over 30% vacant with multiple, month-to-month leases. The Millcraft Center is located in the heart of downtown Washington and provides easy accessibility for nearby residents and those commuting. In addition to multiple small-town restaurants and bars, the office building neighbors multiple national retailors such as CVS, Pizza Hut, Goodwill, Veterans Affairs, AutoZone, Walgreens and more. With a traffic count around 10,000 vehicles per day, the Millcraft Centers receives strong visibility. With over 100,000 people residing in a 10-mile radius of the office, Washington is located only 28 miles southwest of downtown Pittsburgh and only 16 miles east of West Virginia. The average household income within a 10-mile radius of the office exceeds $97,000 and the median home value exceeding $227,000. With multiple new leases and lease extensions, the office building is becoming a highly valued location for workers.
Property Details
- Class
- B
- Year Built
- 1977
- Stories
- 9
- Lot Size (sq. ft)
- 71,003 SF
Highlights
- MULTIPLE STRONG CREDIT TENANTS SUCH AS UMPC, & COMMONWELATH OF PA DEPT. OF HUMAN SERVICES
- MILLCRAFT CENTER IS THE SECOND TALLEST BUILDING IN WASHINGTON INVESTMENT OFFERS VALUE-ADD OPPORTUNITIES TO INCREASE RETURNS
- STRONG ANNUAL RENT INCREASES FROM OVER HALF THE TENANTS
- MULTIPLE LONG-TERM TENANTS HAVE LEASED SPACE BEFORE 2000
- OFFICE IS LOCATED IN THE HEART OF DOWNTOWN WASHINGTON
- OVER 100,000 PEOPLE RESIDE WITHIN A 10- MILE RADIUS OF BUILDING
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