TITLE:
8 CAP MULTI TENANT MEDICAL OFFICE IN IDAHO
CONTROL:
Owner
VALUE:
$3,194,550
LOAN:
$1,971,071
EQUITY:
$1,223,479
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. Amazing 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. 2nd loan is private debt and movable.
GROSS SCHEDULED INCOME:
$440,179 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$440,179
EXPENSES:
$184,615
NOI:
$255,564
DEBT SERVICE:
$158,376
CASH FLOW:
$97,188
CAP RATE:
8.00%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,656,071
$13,198
7%
08/31/2032
No
LOAN 2
$315,000
$2,231
9%
08/28/2032
Yes
BENEFITS SOUGHT:
Move up - growth & diversification.
CAN ADD:
*Partial sale/partnership to resolve underlying 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.
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Woodland Hills, Utah, 84653
Cell: 8014777650
