For Sale | 4,514 SF Owner / User or Value Add Office Condo

Highlights:

• 3-unit, ±4,514 sq. ft. oce condominium
• 2,376 sq. ft. (53%) vacant space, built-out as general oce space
• Viable oce purchase for an investor-type or owner-user-type Buyer
• 47% leased to two tenants & generating $4,145.85 in eective gross monthly income
• 11.84% cap rate is a proforma projection, based on leasing Suite 700 at $1.50 / SF MG
• Complex is well-landscaped with ample on-site shared parking
• Actively managed by an HOA

Description:

650 Howe Avenue - Building 700 - is a 3-unit, ±4,514 sq. ft. office condominium, offered for sale at an asking price of $575,000 (~$127.38 / sq. ft. ). Located within an established, well-occupied office condominium community directly o of Howe Avenue in Sacramento, Building 700 is currently 47% leased to two tenants - Mayfair Medical (clinic) & Tiamani's Essence of Beauty (salon). The asset is currently generating $4,145.85 in effective gross monthly income.

Suite 700, a ±2,376 sq. ft. second generation office space, is currently vacant. The space is being marketed as available for lease, at an asking rate of $1.50 / SF. Comprising approximately 53% of the total condo square footage, Suite 700 is a viable t for an owner / user to occupy, as the property lends itself applicable to SBA-type lenders whose clients can occupy ~53% of the asset’s usable square footage. Managed by an HOA, the offering also includes shared on-site parking within the complex.

The offering is priced below the average comparable sale price, as the Seller is motivated to transact. The asset is also well-positioned for an investor to create substantial cash ow return upon the leasing of Suite 700. Zoning at the complex allows for general oce, business professional, & medical uses.

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