KFJ Office Building

Office for Sale
Catylist Listing ID: 30237411
Property Subtypes: Office Building
Building Size (RSF): 17,216 SF
Gross Building Area: See Agent
Sale Price: $3,150,000
Unit Price: $182.97 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class A
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/25/2018

Overview / Comments

This offering is a Class A Office building containing a total area of 17,216 square feet on a site containing 86,249 square feet. The building was built in 1999 and was totally remodeled in 2011-2012. The current occupant and owner, "Kevin F. Jursinski & Associates Law Office" occupies 10,614 square feet of Class A Built out space. At sale, this law firm will lease this space back with a three year term with multiple tenant options to renew for a ten year term with increasing rents in option years at a net annual rent of $154,000.00 in year 1, resulting in an "as is" cap rate of 4.89% at list price. The remaining space, consisting of 4,113 square feet finished as a "white shell" and 2,489 square feet as a "grey shell" is available for lease at $14.00 psf NNN with an Owner TI contribution of $50.00 psf. Assuming an acquisition at list price, Jursinski lease back at $154,000 NNN, a build-out at $50.00 psf, and a Net rent of $14.00 psf for the unleased space, the modified cap rate increases to 7.00% at list price!! This is a fantastic investment with major upside potential!!

The building allows for large displays of advertising including two lighted on-building locations as well a lighted-double sided monument sign.

Current Tenants

Tenant Business Name Kevin F. Jursinski & Associates Law Office
Is Renting? Yes
Annual Revenue $154,000 (Annual)
SF of Space Occupied 10,614 SF

Additional Details

Nearest MSA: Cape Coral-Fort Myers
County: Lee
Tax ID/APN: 36452400000240000
Property Visibility: Excellent
Area Description: The building is located along the east side of US 41, two miles south of the Gladiolus intersection. The AADT count for 2017 is 60,500 providing EXCELLENT traffic exposure to the building. Access to the site is right in-right out.
Year Built: 1999
Year Renovated: 2011
Parking Description: The complex is serviced with 74 parking spaces, or a ratio of 232 sf:1. Forty Eight (48) spaces are in the front and north side of the complex PLUS twenty six (26) spaces behind the building, nine (9) of which are under a covered parking structure.
Total Parking Spaces: 74

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Photograph of Listing Agent

Bryan J. Myers

SVN Kova Fort Myers
Photograph of Listing Agent

Stephen A. Cunningham, MAI

SVN | Kova Fort Myers SWFLCA Member
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