Catylist ID: #28706411
Long Term State Tenant 10.48% Cap
Office for Sale
|Catylist Listing ID:||28706411|
|Property Subtypes:||Governmental, Office Building|
|Building Size (RSF):||9,750 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||63,340 SF|
|Unit Price:||$102.56 PSF|
|Property Use Type:||Investment|
|Class of Space:||Class B|
|Usable Size (USF):||8,943 SF|
|Sale Terms:||Cash to Seller|
Overview / Comments
The site is a rectangular shaped tract fronting 181.5 feet on the west side of Northwest Central Avenue (Highway 51). The total area of the subject site is determined to be 65,340 square feet or 1.50 acres.
The improvements consist of a 9,747-square-foot office building that is wood framed with a reinforced concrete slab foundation, a pitched metal roof and brick veneer exterior walls. The building is currently leased and originally designed for a government office use. The space includes approximately 35 individual offices, a lobby, receptionist area, storage rooms, a kitchen/break room, a conference room, evidence room and multiple storage rooms. The interior components include vinyl tile floors, sheet rock walls, and acoustical hanging ceiling tiles.
Site improvements include one curb cut from NW Central and parking in the front of the office building. In total, there are 36 marked parking spots with several handicapped spots. There is also a concrete sidewalk around the front and side of the building.
The subject is was leased to the DEPARTMENT OF PUBLIC SAFETY AND CORRECTIONS on May 18, 2002.
A new lease has been signed that will end April 29,2024. The lease rate is $165,450 per year or $16.97 per square foot. This is a full service lease with the Lessor responsible for taxes, insurance, maintenance, janitorial services, electricity, gas, water, sewer and trash/garbage disposal. The Lessee is responsible for telephone and internet expenses.
The Lessee has the option to renew the leased for an additional five years at the same rate unless the U.S. Government CPI increases more than 15% during the primary term. If the increase in the CPI exceeds 15%, the rental rate will increase at the same rate not to exceed 20% of the primary rental payment.
Attachments & Media
|Legal Description:||A certain tract or parcel of land situated in Section 33, Township 3 South, Range 7 East, Town of Amite City, Tangipahoa Parish, State of Louisiana|
|Proximity:||1 mile||3 miles||5 miles|
Mike WhitsellMike Whitsell & Associates, L.L.C. New Orleans, LA 70124
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