93.8% Occupied 12,230 SF 2-story multi-tenant 18-unit office building built in 1969 with eye-catching monument signage adjacent to a large & very busy retail center with ample parking. Awesome potential for Investor at only $140/SF! Current owner recently purchased to stabilize & sell as turnkey investment. Seller is willing to carry 1st TD mortgage note with 35%-50% down payment at 5%-6% interest-only for a 3 to 5 year term. This property was once appraised for $1,600,000 in 2006! Please see Cap Rate Analysis supplement for current vs. pro forma rent & expense expectations with a target Cap Rate of 7.17% at list price upon completion of stabilization. Only 1 vacancy of approximately 761 square feet offered at $1.10/SF Modified Gross with utilities expense passthroughs & CAM charge of approx. $0.10/SF & $0.18/SF = $1.38/SF Full-Service Gross equivalent. Prior owner was absentee & new owner is putting in proper management & maintenance to achieve maximum resale value. See attached example of an Offer currently being discussed (as of 9/15/19) after a recent buyer showing & resulting 7.9% Cap Rate / 12.4% Cash-on-Cash Return that it could provide! *Listing Agent is offering a concession of prepaying 6 months of professional property management services with Martin & Associates in addition to providing free leasing services & 30-45 day guaranteed turnaround on any vacancies to achieve full occupancy immediately upon close of escrow!
Listing courtesy of Ryan McElveen from Ryan McElveen
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