This is an investment sale of Suite C103 that is under lease with Riverside Medical; Management, LLC. A Second Amendment dated 11.18.24 was signed extending the tenancy to 03.31.28 with one three (3) year option to renew at the then Fair Market Rental Value. This Lease is a triple net format. The tenant pays for the real estate taxes, insurance,electric,water, sewer, gas, trash removal, Condominium common area maintenance, and the suites own janitorial services and supplies. This is a true-net lease. There is no obligated broker fee due to a broker upon renewal. Base rent increases on each annual anniversary at 2%.
Base rent in year 1 is $60,163.80. Estimated Net Operating Income is $55,245, indicating an approximate 8.5% overall capitalization rate.
The suite building and suite are in very good condition with no apparent deferred maintenance issues. The Condominium Association retains the services of a professional property manager.