TITLE:
7 CAP MULTI TENANT MEDICAL OFFICE IN NORTHERN IDAHO
CONTROL:
Owner
VALUE:
$3,602,057
LOAN:
$1,745,000
EQUITY:
$1,857,057
TYPE:
Office Building
HAVE:
100% Occupied Multi tenant medical office. 13,776 total sq ft. 2 detached bldgs. 8 total condos/parcels available. Strong leases in place - prop management in place. Commercial condo association manages exterior.
ADDRESS:
1630 23rd Ave Bldgs 2 & 3, Lewiston, Idaho
BENEFITS TO NEW OWNER:
Strong cashflow. Mgmt in place. Dividable into 8 parcels (4 per bldg). Quality construction, well maintained built in 2002, strong tenants, condo association maintains the exterior for addtl passivity.
GROSS SCHEDULED INCOME:
$415,290 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$415,290
EXPENSES:
$163,146
NOI:
$252,144
DEBT SERVICE:
$124,062
CASH FLOW:
$128,082
CAP RATE:
7.00%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,745,000
$10,338
5%
08/31/2032
No
BENEFITS SOUGHT:
Move up - growth & diversification.
CAN ADD:
*F&C 12 Acre High Density Residential Development Land in Memphis TN. *TBC note against this or other asset. *I'd consider partial sale/partnership if I can achieve diversification & resolve underlying 1.8mm debt.
*$400k cash.
*Signature for new loan.
REMARKS:
100% occupied - 3 Tenants. All medical. 2 have been there for 10+ years. New leases/extensions in place. I love this property as long term hold - will consider buy back.
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
