What $1 Million Can Buy in Office Real Estate
With the economy continuing its strong streak, office real estate across the country has become a sought-after investment. Prices have steadily risen, however, making it a challenge for small investors to find deals.
You have to perhaps venture into a few far-flung places to find anything for a $1 million.
Here are a few options.
2 Spring St./20 Waters St., Newton, New Jersey
The 24,750-square-foot building has housed the New Jersey Herald since 1968. Pittsford, New York-based GateHouse Media announced its acquisition of the newspaper in May but the real estate isn’t part of the deal. The newspaper is looking for a new location.
Newton is county seat of Sussex County in northern New Jersey at the Pennsylvania border. It’s also roughly 60 miles northwest of New York City.
99 6th St. SW, Winter Haven, Florida
Built in 1940, the 13,272-square foot office building is home to a law firm. The first floor is finished but a second floor can be finished to add value.
Winter Haven is known for the many lakes in and around the city. The central Florida city is also where grocery chain Publix got its start in 1930.
The office building is in a redeveloping neighborhood designated a federal opportunity zone in Winter Haven’s downtown, making it eligible for tax breaks. In addition, as part of Winter Haven’s redevelopment plan, the property is in a “core improvement area," which allows the owner to obtain waivers for certain impact fees, except for water and wastewater, for expanding and renovating buildings.
800 W. 12th St., Alturas, California
This 23,388-square-foot building is empty in the county seat of Modoc County, which is the northeast corner of the state near the borders of Oregon and Nevada. It once housed the supervisor office for nearby Modoc National Forest.
Built in 1994, the building sits across the road from where a new Modoc Medical Center is under construction and scheduled to open next year. It’s also in a designated opportunity zone.
6220 Blue Ridge Cutoff - Blue Ridge 63, Raytown, Missouri
This is a four-story, 18,000-square foot building that has surface and garage parking. Raytown, which began as a stop on the Sante Fe Trail in the 1820s, is a suburban city about 11 miles southeast of Kansas City.
The building has a few tenants, but includes vacant space that could filled to increase rental income. According to CoStar, the building last sold in 2008 for $1.1 million.
