Key Features

• Occupancy: 100%
• In-Place NOI: $299,232
• In-Place Cap Rate: 7.99%
• LONG TERM TENANCY Two tenants, which make up 47% of the total square feet occupied, have been in place for seven years or longer. In a market where tenant leases are typically three to five years, the weighted average lease term (WALT) is an attractive investment metric for buyer’s consideration. Additionally, Walgreens recently reevaluated its footprint during its most recent lease renewal and right-sized its footprint for future occupancy. Therefore, the space occupied is sized for their operational needs as a regional administrative office.
• MINIMAL FUTURE TENANT IMPROVEMENTS 53%, or all but two suites, have recently been renovated to current interior standards. These recent renovations provide a new owner with turn-key spaces. If tenants are to vacate after their current lease cycle, minimal tenant improvements would be required to attract a new tenant. Furthermore, these suites are 5,000 sf or less, which is what 70% of tenants in the market occupy.