TITLE:
6.46 Cap Single Tenant Medical Office - 3.5% Annual Increases
CONTROL:
Owner
VALUE:
$2,200,000
LOAN:
$1,745,000
EQUITY:
$455,000
TYPE:
Office Building
HAVE:
Single Tenant Medical Office - Dept VA Regional Hospital since 2008. $1.2mm in TI's. 4 parcels in 1 building (upside for splitting units). Condo association manages exterior. Built in 2002. 3.5% annual increases. Local Mgmt in place
ADDRESS:
1630 23rd Ave Bldg. 2, Lewiston, Idaho
BENEFITS TO NEW OWNER:
Strong cashflow w/mgmt in place + quality construction (1.2mm medical grade TI's), no rehab needed, tenant extended another 5 years, 3.5%/yr increases, single tenant. 4 parcels in 1 bldg - can break up your partnership issue.
GROSS SCHEDULED INCOME:
$262,511 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$262,511
EXPENSES:
$120,306
NOI:
$142,205
DEBT SERVICE:
$0
CASH FLOW:
$142,205
CAP RATE:
6.46%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,745,000
$10,338
5%
08/18/2024
No
BENEFITS SOUGHT:
Diversification. Restructure debt from low combined LTV on 2 bldgs in order to F&C one property & create high LTV on replacement property.
CAN ADD:
Cash + F&C Multi Family Land. *May accept created 2nd mortgage for equity portion above 1.74mm 1st debt.
REMARKS:
I own 2 bldgs here- goal is to pay off 1.74mm debt tied to both buildings leaving other bldg F&C. Subject to finding 1031 replacement property. Strong comps - vacant HALF bldg in same biz park listed @ $1.1mm (aka $2.2mm+ value).
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
