Miller Building

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30802798
Property Subtypes: Office Building
Status: Pending/Contingent
Building Size (RSF): 3,552 SF
Gross Land Area: 0.36 Acres
Sale Price: $399,000
Unit Price: $112.33 PSF
Property Use Type: Investment
Building Name: Miller Building
Class of Space: Class B
Usable Size (USF): 3,552 SF
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: Undisclosed
Average Occupancy Rate: 50
Last Updated: 8/3/2022

Overview / Comments

This is a well-maintained office building with 4 units.​ It has four individual addresses.​ Two of the four suites are vacant, one of those has just become vacant in the last month.​ Another suite has had State Farm Insurance for several years.​ They presently have one year left on a 10-year lease with an option to extend for one more year.​ The other suite is occupied by Time to Eat Indiana with a 2-year lease that started in Sept.​ 2021.​ They have two 2-year options with a 5% increase for each renewal.​ The other two suites are presently vacant.​ This property has had the same owner for several years.​ The building is a brick building with a fairly new roof, well landscaped, ample parking and in an excellent location.​ All the suites have HVAC and restrooms.​ The building consists of 3552 square feet in total.​ Suite 4050 is vacant with 950 square ft.​ Suite 4060 is occupied with 642 sq.​ ft.​ Suite 4070 is vacant with 800 sq.​ ft.​ Suite 4080 is occupied by State Farm and is 960 Sq.​ ft.​ There is a common entry that is 200 sq.​ ft.​ The leases are all gross leases and presently also includes the utilities.​ There is a lot of potential for upside.​

Financials

Finance Data Year 2022
Gross Operating Income $22,728 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name State Farm
Is Renting? Yes
SF of Space Occupied 960 SF
Current Rent $944 PSF (Annual)
Lease Expiration 5/2023
Options One 1-year option rent would go to 1025.00 per month
Tenant Business Name Time to Eat Indiana
Is Renting? Yes
SF of Space Occupied 642 SF
Current Rent $950 PSF (Annual)
Lease Expiration 10/2023
Escalations 5% with each renewal
Options Two 2-year options

Additional Details

Nearest MSA: Columbus
County: Bartholomew
Taxing Authority: Bartholomew
Tax ID/APN: 03-96-16-230-010.101-005
Zoning: COMMERCIAL FRINGE
Property Visibility: Good
Highway Access: 25th Street
Airports: Bakalar
Area Description: Located at a high traffic area
Total Number of Buildings: 1
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Good condition and very low maintenance
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,994 38,610 50,122
Median Age: 42.15 38.91 37.75
Households: 4,876 15,746 19,820

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