Square Feet: 25364
Tenancy Type: Mixed
Lease Type: Increase over base year
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in a 96% occupied medical/office building. Offered for $2,775,000, an investor has the opportunity to acquire a stable 5-tenant office building in an economically developed area for an attractive price point under $110/S.F. The offering price represents an 8.24% CAP Rate, and with expected market-rate financing, year-1 cash-on-cash return is projected to be 13.60%.
In comparison to other office buildings in the area, the featured office building has low-end market rental rates making it an attractive building for perspective tenants and future additional upside for an investor. Furthermore, almost all tenants are on owner-friendly increase over base year lease structures to help maximize stability and contain rental increases to further NOI growth. The office building has been well-maintained and has prominent signage, along with recent capital improvements, including: replacement of most HVAC units, new LED lighting, parking lot upgrades, dumpster pad concrete and new exterior doors.