Loft Creative Space For Sale
31,525 Sq Ft
Priced at appraised value, Seller willing to negotiate for investor to achieve reasonable cap rate. The Maplegate Building, is one of the cities icons, almost an entire block 4, 18, 20 Maple Street with it's legal address as 181 State Street encompasses a parking garage for tenants and area businesses. 97% occupied with a variety lease mix for 25 current professional services occupants. This location is on the bus line, it's private garage holds 98 cars, with a good percentage of spaces taken by monthly prepaid parking of tenants and tenant validations. There are also meters along side both one way streets around the property. It is walking distance to court house, across the street is the convention center and the quadrangle, downtown centro and MGM casino are within a few blocks as well. Building has an elevator, tenants have shared restrooms on each floor, some office spaces have private restrooms and the second floor shared is handicapped accessible. Class B Building in good condition and has been maintained by onsite owner. Currently operating with a Parking Lot Attendant Monday through Friday, utilities are included, tenants pay for phone internet and cable and have the ability to have your client parking validated. Maplegate Rehab has affiliation with Seller/Owner whom occupies approximately 3500 square feet of this property. Sale condition requires this operation the ability to lease back it's office space with a 5 year fixed lease at current rate with the flexibility to renew two additional 5 year terms up to a total of 15 years at a predetermined and/or reasonable increase in lease. Photographs were taken as we remodeled and entered into new leases with tenants. Other notes under financials listed here: Other income is parking lot validations and monthly stickers and income used is year end 2019. Proforma was not used. 2018 & 2019 Rent Roll and Parking Lot Income available for serious and qualified investors as well as last 2016-2017-2018 Operating statements. Broker Agent is well versed on this property and will provide documentation to serious investors. Contact listing agent directly for scheduling onsite visits and to entertain other questions.