Office Investment

Office for Sale
Catylist Listing ID: 30777844
Property Subtypes: Office Building
Building Size (RSF): 4,316 SF
Gross Land Area: 0.66 Acres
Sale Price: $299,900
Unit Price: $69.49 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Average Occupancy Rate: 100
Last Updated: 8/15/2022

Overview / Comments

Fully rented office building at the northeast corner of North Wheeling Avenue and Riggin Rd. Several tenants are month to month and have been there long term, and Preferred Capital Mortgage just expanded and signed a new lease with rent escalations. There is potential for rent increases and lease extensions on the month to month tenants, or you could occupy the front half of the building with your own business.

Landlord pays taxes, insurance, CAM, utilities and maintenance. Proforma income of $43,500 (one tenant currently exchanging marketing services with landlord) and NOI of $27,500 (9% cap rate). Property is single story with basement. Tax card shows address of 2000 W. Riggin Rd., but other addresses are 4900-4904 N. Wheeling.

This property is easy to lease and rarely has vacancy. Great investment opportunity.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $5,641 (Annual)
Assessed Value - Total($) $148,100 (Annual)
Potential Rental Income $43,500 (Annual)
Net Operating Income $27,500 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Preferred Capital Mortgage
SF of Space Occupied 1,600 SF
Tenant Business Name Ellen Lucas, Psychologist
Tenant Business Name Blackburn & Green Attorneys
Tenant Business Name Spotted Monkey Marketing
Tenant Business Name Allied One Solutions

Additional Details

Nearest MSA: Muncie
County: Delaware
Tax ID/APN: 18-07-29-453-002.000-028
Zoning: VARIETY BUSINESS
Property Visibility: Excellent
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 4,316 SF
Year Built: 1950
Roof Type: Gable
Construction/Siding: Brick/Aluminum Siding
Parking Type: Surface
Parking Description: Paved parking
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal
Legal Description: PT S HLF SE QTR 0.6640Acres STR: 292110 IN: OUT:

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,742 48,464 89,048
Median Age: 41.93 32.72 35.92
Households: 2,621 18,181 35,180

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