TITLE:
8 Cap Single Tenant Medical Office - 3.5% Annual Increases
CONTROL:
Owner
VALUE:
$1,824,475
LOAN:
$1,726,000
EQUITY:
$98,475
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), 3.5 years left on current lease. 3.5% annual increases, single tenant.
GROSS SCHEDULED INCOME:
$266,264 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$266,264
EXPENSES:
$120,306
NOI:
$145,958
DEBT SERVICE:
$0
CASH FLOW:
$145,958
CAP RATE:
8.00%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,726,000
$13,198
7%
08/18/2032
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:
800k 1st Position 8% Int Only Note 5 yr balloon (against Las Vegas SFR 60% LTV). Utah 2 unit retail $600k (410k equity). Cash
REMARKS:
I own 2 bldgs here- goal is to pay off 1.726mm debt tied to both buildings leaving other bldg F&C. Like most govt leases, they won't show their cards until near lease expiration - Unknown if they will extend.
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
