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Teresa Repetto
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Property Type: Commercial
Sub Type: Office
Listing Status: Active
Purchase Type: For Sale
Lot Size: 1.000 Acres
Year Built: 1995
MLS Listing ID: PALN114630
Subdivision: Tuck Business Park
Total Units: 1
Short Sale: No
HOA Y/N: N
Originating MLS: BRIGHT
Property Description
Excellent opportunity to own a Modern Office building in a desirable Business Park with Social Security as Tenant. Built specifically for Social Security occupancy. Single tenant, monthly rent automatically deposited. Rent increased 5-23-20. Tenant just signed a 5 yr. extension. Scheduled rent increases 21.74% during the extension period (an average of just over 4% per year). Current net operating income of $65,579 is a 7.09% Cap Rate. Annual Real Estate Tax Escalator, Annual CPI adjustment for operating costs. Operating expenses listed are an average of 2015 thru 2019 actual expenses. A purchase at the listed price plus estimated acquisition costs, with projected net income based on scheduled rents, and assuming a $1,125,000 sale price at the end of the extension generates a 10.17% Internal Rate of Return, Owner has relocated out of state and is looking to exchange into and investment in that location.
Listing provided by Suburban Realty
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