Listing

Property Description:

Historic downtown office building in excellent shape ready for a new owner. Building consists of three floors 95% occupied with single tenant on first floor and individual offices for small businesses on remaining floors. The building has been renovated in recent years with updated restrooms, floors, windows and paint. Each floor has his and her common restrooms, elevator that services each floor and private coded entry rear door. Owner provides electricity, janitorial service, WIFI and water. Building includes a wet sprinkler system in place. Gross for rents 2021- $86,000 which is below market rent and could easily increase by 10 to 15 percent. 8% Cap rate at current GRI based on 30% OPEX Factor.