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: |
6/22/2022 |
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: |
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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