Over $780,000 in rental income annually.
This property presents a significant value-add opportunity, with current rents well below the sub-market average. The building is 87% occupied, with an average rent of $12-14Gross, compared to the market rate of $16-$21 PSF plus a share of electricity. Additionally, the 11,000 square feet of vacant space, currently used for storage and not listed on any platform, could generate an extra $120,000 in Net Operating Income (NOI). This is an excellent opportunity for both owner-occupiers and investors to maximize the property's potential.
Additional Notes:
- Utilities (Electricity ~$134,600) currently paid by landlord present an opportunity for
reimbursement. - Adjusted stabilized NOI may exceed $400,000+ with just operational improvement
Brand new condominium belonging to Attorney General child support services was built in 2023 directly behind the building which only makes the land value appreciate.
There is significant potential to increase rental income to over $1 million, comparable to similar properties such as 6420 Richmond Atrium / 2323 South Voss Atrium only 2miles away.