Catylist ID: #30353852
NOI: 8.5% at Asking Price
Office for Sale
|Catylist Listing ID:||30353852|
|Property Subtypes:||Business Park, Executive Suites, Governmental, High-Tech, Institutional, Medical, Mixed Use, Flex Space, Net Leased, Office Building, Other|
|Building Size (RSF):||3,815 SF|
|Gross Building Area:||See Agent|
|Unit Price:||$175.62 PSF|
|Property Use Type:||Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business|
|Class of Space:||Class A|
|Sale Terms:||Cash to Seller, Owner Financing|
Overview / Comments
Updated as of June 17, 2019
(View within the Rent Roll/Income, and Operating Expenses, offering a 8.5% Cap Rate at asking price).
100% leased, with a Medical tenant and a CPA tenant, and both are 5 year leases, plus options.
Building like new, view pictures within. No defered maintenance, well maintained.
Actual Net Leases on entire building which consist of approx. 3,815 sf.
Unit A: CPA- Leases approx. 2,396 square feet
at Base Rent of: $11.00 psf.+ $5.41 psf. Cam, (Actual operating expenses/A Net Commercial Lease), paying annually a total of $39,318.36 annually for X Five (5) Years from the Act of Sale date.
Unit B: Medical-Lease on balance of building approx. 1,419 square feet.
at an Average Base Rent of: $10 psf. + $4.00 psf. cam, paying annually a total of $19,866 annually for x Five (5) Years from July 1, 2019-June 31, 2024,
Total Gross "Actual" rents of: $59,184.36 each year x Five (5) years, or $295,921.80 dollars of actual gross income over the term of both tenants, plus each has 1 5 year option, with increases of 3% each year thereafter.
Annual Operating Expenses:
Dues: $4,387.00 (Takes care of capital expenses to building and the entire site/ownership dues. (Request list of itemized cost that are covered).
Termite fee: $300.00
Total Annual Operating Expenses: $20,664.00 Annually
Unit A: CPA pays $12,962.36 each year.
Unit B: Medical pays $5,676.00 each year.
Totalling All Operating Expenses paid for by Unit A and Unit B tenants in an amount of: $18,638.36
Therefore Ownership pays only $2,025.64 per year in Operating Expenses.
Gross Rents: $59,184.36
Minus (-) Operating Expenses: $2,025.64
Net Operating Income: $57,158.72
Cap Rate: 8.5% Internal Rate of Return
This Office Park Professional building is a brick structure exterior, and interior is Class A office space, high end build out, very, very well-maintained. The location is ideal to serve the Mandeville, Covington, and Interstate 12 markets.
Ownership may finance for the right credit worthy buyer, and under terms that are better than conventional lenders are offering. Make offer with terms and conditions that are acceptable to buyer, for seller to review.
|Finance Data Year||2019|
|Real Estate Taxes - Annual($)||$9,903 (Annual)|
|Gross Operating Income||$14 (Annual)|
|Actual or Proforma Year||Actual|
|Lender Name||Seller may consider Financing|
|Tenant Business Name||Medical Doctor|
|Annual Revenue||$14 (Annual)|
|SF of Space Occupied||1,419 SF|
|Current Rent||$1,655 PSF (Annual)|
|Escalations||In option a 3% each year increase|
|Options||One (5) Year option|
|Tenant Notes||Initial Lease term: A 5 year commencing June 1, 2019 with 1 5 yr option with 3% increases each year|
|Tenant Business Name||Certified Public Accountant|
|Annual Revenue||$39,318 (Annual)|
|SF of Space Occupied||2,396 SF|
|Current Rent||$3,277 PSF (Annual)|
|Options||1 (5) year option to renew with 3% per year increase.|
|Tenant Notes||Initial Lease term: 5 year lease commencing from the act of sale date, Paying Base Rent of: $11 psf. plus actual net charges of $5.41 psf. One (5) year options having a 3% increase in rent each year commencing in year 6|
|Nearest MSA:||New Orleans-Metairie|
|Property Located Between:||Highway 190 at River Highlands|
|Highway Access:||Hwy. 190 and Interstate 12|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Air Conditioning:||Package Unit|
|Interior Description:||High End Class A build out, very professional|
|Proximity:||1 mile||3 miles||5 miles|
Bryan D PigeonGARDNER REALTORS Mandeville Mandeville, LA 70448
|© Copyright 2001-2019 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Louisiana Commercial Database, LLC nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|