Commercial Investment Property

Office for Sale
Catylist Listing ID: 30444071
Property Subtypes: Business Park, High-Tech, Mixed Use, Flex Space, Office Building
Condo? Yes
Building Size (RSF): 1,826 SF
Gross Building Area: See Agent
Sale Price: $421,000
Property Use Type: Investment
Building Name: Constitution Plaza
Class of Space: Class B
Usable Size (USF): 1,826 SF
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: 6.07%
Average Occupancy Rate: 100
Last Updated: 6/15/2019

Overview / Comments

Commercial investment opportunity! Current tenant will sign a new lease at closing for 5 years at $14 per square foot, net, with 3% annual base rent increases, generating a 6% CAP Rate at the asking price. The subject property is, per Lee County appraiser, an 1826 SF "Flex" condo (condo docs show it as 1906 SF). Most of the space is built out as office but it still has a small warehouse in the rear with a roll up door (see floor plan) for storage. Tenant is Atilus, a web design, web development and digital marketing company (www.atilus.com). They have occupied the property since June of 2016.

Investment property- 6% CAP rate at asking price. Tenant to sign a new 5-year lease at closing. Net lease with proposed NOI of $25,564 on 1826 SF at $14 psf Lease will feature 3% annual base rent increases Tenant has occupied for 3 years Great location for business in Naples or Bonita, or beyond Close to I-75, Bonita Beach Road, US 41, Immokalee Road

Financials

Finance Data Year 2019
Net Operating Income $25,564 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Atilus
Website URL www.atilus.com
Industry Type Information
Is Renting? Yes
SF of Space Occupied 1,826 SF
Current Rent $14 PSF (Annual)
Escalations 3%/yr
Tenant Notes Tenant will sign a 5-year lease at closing at $14 psf, net, with 3% annual base rent escalations.

Additional Details

Nearest MSA: Cape Coral-Fort Myers
County: Lee
Taxing Authority: Lee County
Tax ID/APN: 024825B1162000001
Is Condo?: Yes
Property Located Between: Old 41 Road and US 41 off Bonita Beach Road
Property Visibility: Excellent
Highway Access: US 41/Tamiami Trail and I-75 via Bonita Beach Road
Area Description: Located in Constitution Plaza near the Naples/Fort Myers Greyhound Track. Just north of the Collier/Lee County line.
Total Number of Buildings: 3
Number of Stories: 1
Typical SF / Floor: 1,826 SF
Year Built: 2004
Roof Type: Flat
Parking Type: Surface
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Mostly built out as office space, but there is a small warehouse in the rear with a roll up door for storage.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,816 46,210 89,595
Median Age: 44.27 52.24 52.29
Households: 2,774 21,211 41,702

Contact

Photograph of Listing Agent

Ed Boeder

SWFL Properties, LLC
SWFLCA Member
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