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Lincoln Square 1115 W Lincoln Ave 12,751 SF 100% Leased Office Building Yakima, WA 98902 $1,450,212 ($113.73/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- An emphasis has recently been placed on procuring traditional professional office tenants (rather than retail) and converting leases to triple-net.
- Rare opportunity to purchase an investment grade property where the cap rate does not manipulate the price/SF above market.
- High traffic location on the cusp of downtown.
- 76.6% of the building is leased at fair market rent and triple-net, while 23.4% of the building is leased at below market rent and semi-gross.
- The fair market value of the building if sold vacant is approximately $1.6M and should consistently command rental rates between $11 - $12/SF, NNN.
EXECUTIVE SUMMARY
THIS OFFERING is for the opportunity to purchase Lincoln Square, a fully occupied multi-tenant commercial building.
Located on the cusp of downtown on a busy commercial arterial, this building fills a niche need of providing affordable, smaller office and retail spaces. Ownership has recently made a concerted effort to focus its leasing efforts on procuring professional office tenants at fair market rent and on triple-net leases, which approximately 76.6% of the building now benefits from.
This is a simple, transparent and affordable offering providing a rare opportunity to acquire a stabilized investment property at a reasonable capitalization rate that does not manipulate the value above fair market.
Located on the cusp of downtown on a busy commercial arterial, this building fills a niche need of providing affordable, smaller office and retail spaces. Ownership has recently made a concerted effort to focus its leasing efforts on procuring professional office tenants at fair market rent and on triple-net leases, which approximately 76.6% of the building now benefits from.
This is a simple, transparent and affordable offering providing a rare opportunity to acquire a stabilized investment property at a reasonable capitalization rate that does not manipulate the value above fair market.
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Office
Building Size
12,751 SF
Building Class
C
Year Built
1999
Price
$1,450,212
Price Per SF
$113.73
Cap Rate
8.50%
NOI
$123,268
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
12,751 SF
Building FAR
0.38
Lot Size
0.77 AC
Zoning
GC
1 1
Walk Score®
Very Walkable (86)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,209,000 | |
| Land Assessment | $226,800 | Total Assessment | $1,435,800 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$226,800
Improvements Assessment
$1,209,000
Total Assessment
$1,435,800
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Lincoln Square | 1115 W Lincoln Ave
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