Description
Excellent opportunity to own a Modern Office building in a desirable Business Park with Social Security as Tenant. Built specifically for Social Security occupancy. Single tenant, monthly rent automatically deposited. Rent increased 5-23-21. Tenant just signed a 5 yr. extension. Scheduled rent increases 21.74% during the extension period (an average of just over 4% per year). Current net operating income of $70,288 is a 7.6% Cap Rate. Annual Real Estate Tax Escalator, Annual CPI adjustment for operating costs. Operating expenses listed are an average of 2016 thru 2020 actual expenses. A purchase at the listed price plus estimated acquisition costs, with projected net income based on scheduled rents, and assuming a $1,125,000 sale price at the end of the extension generates a 10.17% Internal Rate of Return, Owner has relocated out of state and is looking to exchange into and investment in that location.
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01/2 BATHS
Description
Excellent opportunity to own a Modern Office building in a desirable Business Park with Social Security as Tenant. Built specifically for Social Security occupancy. Single tenant, monthly rent automatically deposited. Rent increased 5-23-21. Tenant just signed a 5 yr. extension. Scheduled rent increases 21.74% during the extension period (an average of just over 4% per year). Current net operating income of $70,288 is a 7.6% Cap Rate. Annual Real Estate Tax Escalator, Annual CPI adjustment for operating costs. Operating expenses listed are an average of 2016 thru 2020 actual expenses. A purchase at the listed price plus estimated acquisition costs, with projected net income based on scheduled rents, and assuming a $1,125,000 sale price at the end of the extension generates a 10.17% Internal Rate of Return, Owner has relocated out of state and is looking to exchange into and investment in that location.
©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Jim Powers Team- Berkshire Hathaway Home Services Homesale Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-05-05T22:51:58.323.