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 |
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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