INVESTMENT PROPERTY - Portfolio of 2 Assets

Office for Sale
Catylist Listing ID: 30376017
Property Subtypes: Business Park, Office Building
Condo? Yes
Building Size (RSF): 10,407 SF
Sale Price: $1,675,000
Property Use Type: Investment
Building Name: Stonebook
Class of Space: Class A
Usable Size (USF): 9,110 SF
Core Factor: 1.14%
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: 9.11%
Average Occupancy Rate: 100
Last Updated: 10/14/2019

Overview / Comments

Fully improved office building with visibility and access from US Highway 98 in Fairhope, Alabama - adjacent to Rock Creek Golf Course and community. The building is offered as an investment sale at a cap rate of approximately 9.11%. The current occupant of 100% of the 10,407 square foot building will agree to sign a new 2-year lease at a market rental rate of $17.50/sf (modified gross) upon closing.
This prominently-positioned building offers top-quality finishes, and incorporates a design that offers flexibility. Call for additional information.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $7,007 (Annual)
Gross Operating Income $182,123 (Annual)
Net Operating Income $152,623 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Daphne-Fairhope-Foley
County: Baldwin
Taxing Authority: Baldwin County
Tax ID/APN: 05-43-09-32-0-000-001.034
Is Condo?: Yes
Property Located Between: Bayshore Christian Academy and Rock Creek
Property Visibility: Excellent
Highway Access: Direct access from US Hwy 98, via Presbyterian Drive
Site Description: Stonebook is a office condominium, with 3 office buildings. Parking is shared.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 5,204 SF
Year Built: 1997
Roof Type: Gable
Construction/Siding: HardiePlank Siding
Parking Ratio: 3 (per 1000 SF)
Parking Type: Surface
Parking Description: Common parking area
Total Parking Spaces: 60
Passenger Elevators: 1
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: The central atrium is well-appointed with a custom stairwell and access to an elevator. 4 distinct office suites exists, 2 on each floor.
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple - Condominium
Legal Description: Units B & C, Stonebrook, a condominium

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 11,716 32,578
Median Age: 46.67 43.46
Households: 5,080 13,295
The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.