Quail Oaks Atrium

Office for Sale
Catylist Listing ID: 30179676
Property Subtypes: Office Building
Building Size (RSF): 21,160 SF
Gross Building Area: See Agent
Gross Land Area: 1.04 Acres
Sale Price: $2,500,000
Unit Price: $118.15 PSF
Property Use Type: Investment
Building Name: Quail Oaks Atrium
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.02%
Last Updated: 2/10/2018

Overview / Comments

Multi-tenant office building investment for sale in Baton Rouge, Louisiana. Quail Oaks Atrium is located on Perkins Road mid-way between College Drive and Essen Lane. The Property is a 21,160 sq. ft. +/- "Class B" office building situated in a prime retail, medical and office corridor in Baton Rouge. Historical occupancy maintained between 93% - 100%. Quail Oaks Atrium recently received interior and exterior capital expenditure improvements including beautification of exterior facade, upgraded and well-maintained HVAC units, large fan installed in atrium and enhanced landscaping. The exterior is freshly painted and pressure washed, exterior and interior windows cleaned and various office suites renovated with new carpet and paint. In a office market corridor boasting $16-20/SF lease rates, the Property consists of below market lease rates and is well-positioned for a new owner to increase future lease rates as current leases expire. The replacement value of comparable office buildings in this corridor is $185-200/SF.

PROPERTY HIGHLIGHTS
Mostly Leased Office Investment Property. Under-rented Lease Rates | Ability to Increase Future Rents. Well Positioned Asset in Strong Office, Retail and Medical Corridor. Excellent Visibility and Located on Hard Corner of Perkins and Quail Run. Opportunity for Owner / Manager to Manage Asset.

Attachments & Media

Financials

Finance Data Year 2017
Net Operating Income $175,447 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Baton Rouge
County: East Baton Rouge
Submarket/Township: 52
Tax ID/APN: 2221861
Zoning: C-AB-2
Property Located Between: College Dr, Essen Ln, Perkins Rd, Quail Run
Property Visibility: Excellent
Site Description: Strategically located at the intersection of Perkins Road and Quail Run Drive between College Drive and Essen Lane, the Property is just minutes from I-10 / I-12, Louisiana State University (LSU) campus and the CBD. With convenient access to the Baton Rouge Medical District, the Property is in close proximity to Pennington Biomedical Research Center, Our Lady of the Lake Hospital, Baton Rouge General - Bluebonnet, OLOL Children's Hospital and the newly proposed Ochsner Hospital. Nearby surface streets and developments include Bluebonnet Blvd., Perkins Road, College Drive, Acadian Thruway, Kenilworth Parkway, Highland Road, Staring Lane, Rouzan, Perkins Rowe and The District Apartments.
Total Number of Buildings: 1
Number of Stories: 2
Parking Type: Surface
Parking Description: Has roughly 20 covered parking spots, and roughly 30-40 uncovered spots.
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,951 85,842 220,120
Median Age: 40.24 36.94 34.54
Households: 2,385 39,120 92,496

Contact

Photograph of Listing Agent

Justin P Langlois

SVN - Graham, Langlois & Legendre, LLC Baton Rouge, LA 70808
LACDB Member
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