110 W Lawrence Ave | Springfield, IL 62704
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110 W Lawrence Ave
Springfield, IL 62704
Office For Sale · Office Property For Sale
·
11,020 SF
PROPERTY FACTS
| Price | Not Individually For Sale | Lot Size | 0.66 AC |
| Building Size | 11,020 SF | Tenancy | Single |
| Property Type | Office | Parking Ratio | 2.27/1,000 SF |
| Building Class | B |
| Price | Not Individually For Sale |
| Building Size | 11,020 SF |
| Property Type | Office |
| Building Class | B |
| Lot Size | 0.66 AC |
| Tenancy | Single |
| Parking Ratio | 2.27/1,000 SF |
EXECUTIVE SUMMARY
The Capitol Complex is a portfolio of seven single story office buildings totaling 63,898 square feet, located in the heart of Springfield, Illinois. Only three blocks from the Illinois State Capitol Building and government complex, the properties are ideally situated for government agencies or related fields.
At the offering price of $6,575,000 the Capitol Complex is an excellent value. At only $103 per square foot, the property is offered at well below replacement cost permitting the owner to offer tenants very competitive rental rates. The initial cap rate on current income is 9.0 percent generating an estimated initial cash yield of nearly 12 percent. The property is delivered free and clear of debt.
All of the buildings are leased to the State of Illinois and backed by the credit of the State government. The tenant roster includes the Department of Public Aid, Council on Developmental Disabilities, Department of Human Services, and the Department of Veterans Affairs. The leases are long term with staggered expirations from 2012 to 2017 providing the purchaser with a stable investment portfolio. The majority of the leases were recently renewed in 2007.
The leases have scheduled increases in base rent. The owner is responsible for general repairs and maintenance of the properties. Tenants are directly metered for their utilities, and they are responsible for their own janitorial services thereby protecting the owner from increasing costs of ownership.
Given the proximity to the hub of government activity for the State of Illinois, it is highly likely that the tenants will remain beyond their current lease term providing an investor with a long term above average return on investment.
At the offering price of $6,575,000 the Capitol Complex is an excellent value. At only $103 per square foot, the property is offered at well below replacement cost permitting the owner to offer tenants very competitive rental rates. The initial cap rate on current income is 9.0 percent generating an estimated initial cash yield of nearly 12 percent. The property is delivered free and clear of debt.
All of the buildings are leased to the State of Illinois and backed by the credit of the State government. The tenant roster includes the Department of Public Aid, Council on Developmental Disabilities, Department of Human Services, and the Department of Veterans Affairs. The leases are long term with staggered expirations from 2012 to 2017 providing the purchaser with a stable investment portfolio. The majority of the leases were recently renewed in 2007.
The leases have scheduled increases in base rent. The owner is responsible for general repairs and maintenance of the properties. Tenants are directly metered for their utilities, and they are responsible for their own janitorial services thereby protecting the owner from increasing costs of ownership.
Given the proximity to the hub of government activity for the State of Illinois, it is highly likely that the tenants will remain beyond their current lease term providing an investor with a long term above average return on investment.
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