TITLE:
8 CAP MULTI TENANT MEDICAL OFFICE IN IDAHO
CONTROL:
Owner
VALUE:
$3,249,862
LOAN:
$1,711,707
EQUITY:
$1,538,155
TYPE:
Office Building
HAVE:
Side by side buildings - 13,776 total sq ft. 100% Occupied Multi tenant
medical. 1 bldg is net lease (drug rehab center & breast imaging center), the
other (Dept VA Clinic) is Modifed Gross. Management available. 3%/3.5% annual increases.
ADDRESS:
1630 23rd Ave Bldgs 2 & 3, Lewiston, Idaho
BENEFITS TO NEW OWNER:
Strong cashflow. Local Mgmt in place. Dividable into 8 parcels (4 per bldg). Quality construction, well maintained built in 2002, condo association maintains the exterior for addtl passivity.
GROSS SCHEDULED INCOME:
$433,961 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$433,961
EXPENSES:
$173,972
NOI:
$259,989
DEBT SERVICE:
$126,921
CASH FLOW:
$133,068
CAP RATE:
8.00%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,725,326
$13,198
7%
08/31/2032
No
BENEFITS SOUGHT:
Move up - growth & diversification.
CAN ADD:
*Utah Retail @600k (420k equity)
*800k 1st Position Note @ 8% Int
*TBC note against this or other asset. *I'd consider partial sale/partnership if you can resolve underlying 1.7mm debt.
*Cash
REMARKS:
100% occupied - 3 Tenants. All medical. 2 have been there for 10+ years. The Big
Unknown: Dept of VA hospital - unknown if they will stay past 2028. Market rents are comparable. Net lease tenants w/options for renewal in a couple years. Roof replace paid
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
