Southwest side medical office space. Excellent visibility and newly remodeled throughout the common areas and suites.Tax information: 17275.76 ('10)
Extremely nice, well-maintained, adaptable development opportunity for a three-story 169,000 SF commercial building with large floor plates allowing for many retail, commercial, professional office and residential uses. Built in 1959, the building was renovated in 2006 and is steel frame construction. The exterior features brick veneer and a flat built-up membrane roof. The building sits on approximately 11.56 acres with over 500 on-site surface parking for employees and customers. Previously used a furniture store, the building offers expansive storefront windows, skylights, 10 to 20 ceiling heights, several staircases, one (1) set of escalators, two (2) passenger elevators, restrooms on each floor, a large mezzanine area, large retail areas, conference rooms, private offices, kitchenettes and break rooms. Delivery access is provided by two (2) loading docks and one (1) grade-level door with access to a freight elevator. Zoned DC Business District, which includes B3 and B2, permitted uses include retail, office, live and work, motel, restaurants and residential. A detailed list of permitted uses is available upon request.
The subject property is a single-tenant absolute-net leased investment occupied by Super Service, LLC, a transportation solutions provider. The 20,160-square foot building was constructed in 1994. The 20-year lease term has more than 12-plus years remaining (expiring December 31, 2026). The current base rental rate is $373,464.60 annually and increases by the consumer price index rate on an annual basis. In addition to rent, the tenant also leases a billboard sign for $16,000 annually. Offered for sale under separate ownership is the adjoining 10.5 acre property and improvements containing the parking, trailer storage, Maintenance Garage and a Driver's Service building of 8,700 sq. ft. The two parcels north of the Super Service headquarters are under one lease agreement to Super Service, LLC. The tenant just exercised a five year option on a triple net lease in August, 2014, expiring July 31, 2019. The list price is $2,800,000, reflecting a 9.0% cap rate on year 1 NOI and 9.22% blended cap rate over the remaining term. A 4.5 acre parcel with a truck wash building on it is excluded from the offering due to separate ownership.