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415 Columbia St - Columbia Center 7,327 SF Office Condo Unit Offered at $1,250,000 in Lafayette, IN 47901
Investment Highlights
- Lafayette’s central business district
- Class A office building below replacement cost
- Surrounded with new developments
- Structured parking owned by the City is attached to the building and available for rent
Executive Summary
Dustin Zufall and Jim Pitoukkas of Shook Commercial Real Estate are proud to present the opportunity to purchase a condo interest within the prestigious class A office building, Columbia Center. Columbia Center is located along well-travelled Columbia Street, a western bound corridor leading to West Lafayette and the heart of Purdue University. The building is situated within a block of the Tippecanoe County Courthouse. Tenants benefit from its convenient location, great street prominence, and vibrant downtown business and residential communities. The building is served by an attached parking garage and ample street parking. Also, excellent signage opportunities await the next tenants and/or owners. The subject property is located in Lafayette’s central business district and just a mile from Purdue University. Lafayette’s Central Business District is booming with new development, many new and established retail and professional services businesses, and a growing number of year-round residents.
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment or Owner User |
| Sale Type | Investment or Owner User |
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit Unit 3A | 7,327 SF | Office | $1,250,000 ($170.60/SF) | - |
Unit Unit 3A
| Unit Size |
| 7,327 SF |
| Condo Use |
| Office |
| Price |
| $1,250,000 ($170.60/SF) |
| NOI |
| - |
Unit Unit 3A
| Unit Size | 7,327 SF |
| Condo Use | Office |
| Price | $1,250,000 ($170.60/SF) |
| NOI | - |
| Sale Type | Investment or Owner User |
| Description | |
| The west side condo on the third floor, Unit 3A, is currently leased to two tenants, and available for sale.</li></ul> | |
| Sale Notes | |
| Unit 3A, the western half of the third floor, is available for sale for an asking price of $1,250,000.  The condo is currently demised in two suites and occupied, offering a buyer an in-place projected gross income of $112,679.25.  The projected net income is $95,619.  The smaller suite, approximately 2525 sf, is leased for below market rent on a shorter-term basis with a lease featuring termination rights.  The larger suite, leased to Morgan Stanley, has remaining term and renewal options.  This purchase opportunity is perfect for an investor looking for in-place income with upside potential from leasing the smaller suite at a higher rental rate, or for an owner that intends to use the smaller suite for their own business while receiving income from the other tenant.</li></ul> |
Property Facts
| Total Building Size | 45,496 SF | Typical Floor Size | 15,165 SF |
| Property Type | Office (Condo) | Year Built | 1999 |
| Building Class | A | Lot Size | 0.48 AC |
| Floors | 3 | Opportunity Zone |
Yes
|
| Zoning | PD - Planned Development | ||
| Total Building Size | 45,496 SF |
| Property Type | Office (Condo) |
| Building Class | A |
| Floors | 3 |
| Typical Floor Size | 15,165 SF |
| Year Built | 1999 |
| Lot Size | 0.48 AC |
| Opportunity Zone |
Yes |
| Zoning | PD - Planned Development |
Amenities
- Air Conditioning
