100% Leased Multi-Tenant Commercial Property

Highlights

• Built-In Rent Growth – Leases include embedded CPI or 3% annual increases, providing a hedge against inflation.
• Dedicated On-Site Parking – The property features ±51 dedicated on-site parking stalls supplemented by street-front parking, broadening the appeal to potential tenants and enhancing the value of the asset.
• Dense Trade Area – Approximately 160,000 residents within a 3-mile radius and average household income of about $90,400 within a 1-mile radius.
• Existing Tenant Waitlist – Demonstrates ongoing demand for small-format suites and supports leasing continuity upon ownership transition.
• Flexible Zoning Allowing Specialized Uses – The property’s Downtown Mixed-Use (DMUZ) zoning permits a wide variety of uses including general offices, medical offices, personal services (salons, beauty), automotive brokers/wholesalers, and more.
• Fully NNN-Leased Asset – Tenants proportionately reimburse all operating expenses, including property taxes, insurance, and CAM, minimizing landlord exposure.
• Highly Diversified Rent Roll – 30+ tenants with no single tenant exceeding 8% of total income, minimizing concentration risk.
• High-Yield 7.86% Cap Rate in In-Place Income
• Limited Competing Product – Few comparable small-format office suites in the market and no new supply in the development pipeline.
• Low, Replaceable Rents – Current rents average $1.52/SF/M, positioned at or below market levels, offering investors limited downside risk and meaningful upside potential as leases renew and reset closer to market over time.
• Recent Capital Improvements – Upgrades include new roofs, parking lot slurry seal and striping, new HVAC units, interior paint, new flooring, and full renovation of Unit 225-10 (±3,500 SF).
• Smaller, Easier-to-Lease Incubator Suites – 27 office suites averaging under 250 SF (majority 125–400 SF), reducing exposure to large-space vacancy.

Attachments

• Property Brochure 1 () opens in new window

Location

Points of Interest