investment opportunity / multi tenant professional … · • mul7-tenant—primarily health...

OFFERING SUMMARY Sale Price: $1,800,000 Price Per SF: $32.67 Lot Size: 1.28 AC Building Size: 1 55,100 SF NOI: 2 $127,280 Cap Rate: 7.07% Zoning: City Center Year Built: 1948 Available Office Suites: +/-7,200 SF 1 Including +/-19,440 SF lower level unimproved 2 Current rent schedule/budget operang expenses The above is provided by the Owner. Arthur Berry & Company makes no representation as to its completeness and accuracy. Price and terms subject to change at Owner’s discretion. INVESTMENT OPPORTUNITY / MULTI - TENANT PROFESSIONAL OFFICE BUILDING 524 Cleveland Boulevard, Caldwell, Idaho Randy Limani 208-639-6171 [email protected] File 4952 / Rev20191219 PROPERTY OVERVIEW Located in rapidly growing Caldwell, Idaho’s downtown urban renewal district, within blocks of Indian Creek Park which is “one of the most stunning city-center parks in the western United States,” this investment opportunity was built in 1945 as a Sears department store. The building was completely remodeled and repurposed to its current mul-tenant office building configuraon in 2001. In the last few years all of the first floor office suites have been newly built out for its current tenants. A poron of the ground level is leased to a well respected anque retail business, otherwise the building’s tenant mix is comprised primarily of health care tenants. The property has significant upside “value added” opportunity in that the ask price is based on current scheduled rents with an implied vacancy of 22% and pro forma operang expenses, already resulng in a cap rate of 7.07%. Addionally, the rents are below market. There is approximately 7,200 square feet of office vacancy and approximately 19,440 square feet of lower level storage space, a large poron of which potenally can be monezed. PROPERTY HIGHLIGHTS • Mul-tenant—primarily health services • Occupied by 9 tenants with three vacancies • Value creaon opportunity through monezing vacant space • CAP rate based on current rent roll revenue • Ample parking on site with addional street parking available • Investment opportunity may be combined with NNN single tenant O’Reilly’s Auto Parts store on adjacent property (price $1,280,000 / 5.95% cap rate) 250 W Bobwhite Court, Suite 230, Boise, Idaho 83706 208-336-8000 www.arthurberry.com ARTHUR BERRY & COMPANY REQUEST ADDITIONAL INFORMATION TO RECEIVE ADDITIONAL INFORMATION, please CLICK HERE to fill out and submit an electronic Confidenality Agreement. This agreement can also be requested by contacng the agent below.

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Page 1: INVESTMENT OPPORTUNITY / MULTI TENANT PROFESSIONAL … · • Mul7-tenant—primarily health services • Occupied by 9 tenants with three vacancies • Value crea7on opportunity

OFFERING SUMMARY

Sale Price: $1,800,000

Price Per SF: $32.67

Lot Size: 1.28 AC

Building Size:1 55,100 SF

NOI:2 $127,280

Cap Rate: 7.07%

Zoning: City Center

Year Built: 1948

Available Office Suites: +/-7,200 SF

1 Including +/-19,440 SF lower level unimproved

2 Current rent schedule/budget opera7ng expenses

The above is provided by the Owner. Arthur Berry & Company makes no representation as to its completeness and accuracy. Price and terms subject to change at Owner’s discretion.

INVESTMENT OPPORTUNITY / MULTI-TENANT PROFESSIONAL OFFICE BUILDING

524 Cleveland Boulevard, Caldwell, Idaho

Randy Limani 208-639-6171

[email protected]

File 4952 / Rev20191219

PROPERTY OVERVIEW

Located in rapidly growing Caldwell, Idaho’s downtown urban renewal district, within blocks of Indian Creek Park which is “one of

the most stunning city-center parks in the western United States,” this investment opportunity was built in 1945 as a Sears

department store. The building was completely remodeled and repurposed to its current mul7-tenant office building configura7on

in 2001. In the last few years all of the first floor office suites have been newly built out for its current tenants. A por7on of the

ground level is leased to a well respected an7que retail business, otherwise the building’s tenant mix is comprised primarily of

health care tenants. The property has significant upside “value added” opportunity in that the ask price is based on current

scheduled rents with an implied vacancy of 22% and pro forma opera7ng expenses, already resul7ng in a cap rate of 7.07%.

Addi7onally, the rents are below market. There is approximately 7,200 square feet of office vacancy and approximately 19,440

square feet of lower level storage space, a large por7on of which poten7ally can be mone7zed.

PROPERTY HIGHLIGHTS

• Mul7-tenant—primarily health services

• Occupied by 9 tenants with three vacancies

• Value crea7on opportunity through mone7zing vacant space

• CAP rate based on current rent roll revenue

• Ample parking on site with addi7onal street parking available

• Investment opportunity may be combined with NNN single tenant O’Reilly’s

Auto Parts store on adjacent property (price $1,280,000 / 5.95% cap rate)

250 W Bobwhite Court, Suite 230, Boise, Idaho 83706 208-336-8000 www.arthurberry.com

ARTHUR BERRY

& COMPANY

REQUEST ADDITIONAL INFORMATION

TO RECEIVE ADDITIONAL INFORMATION, please

CLICK HERE to fill out and submit an electronic

Confiden7ality Agreement. This agreement can

also be requested by contac7ng the agent below.

https://www.arthurberry.com/ca_form524.php

Page 2: INVESTMENT OPPORTUNITY / MULTI TENANT PROFESSIONAL … · • Mul7-tenant—primarily health services • Occupied by 9 tenants with three vacancies • Value crea7on opportunity

The above is provided by the Owner. Arthur Berry & Company makes no representation as to its completeness and accuracy. Price and terms subject to change at Owner’s discretion.

INVESTMENT OPPORTUNITY / MULTI-TENANT PROFESSIONAL OFFICE BUILDING

524 Cleveland Boulevard, Caldwell, Idaho

Randy Limani 208-639-6171

[email protected]

File 4952 250 W Bobwhite Court, Suite 230, Boise, Idaho 83706 208-336-8000 www.arthurberry.com

ARTHUR BERRY

& COMPANY

SUBJECT:

Page 3: INVESTMENT OPPORTUNITY / MULTI TENANT PROFESSIONAL … · • Mul7-tenant—primarily health services • Occupied by 9 tenants with three vacancies • Value crea7on opportunity

The above is provided by the Owner. Arthur Berry & Company makes no representation as to its completeness and accuracy. Price and terms subject to change at Owner’s discretion.

INVESTMENT OPPORTUNITY / MULTI-TENANT PROFESSIONAL OFFICE BUILDING

524 Cleveland Boulevard, Caldwell, Idaho

Randy Limani 208-639-6171

[email protected]

File 4952 250 W Bobwhite Court, Suite 230, Boise, Idaho 83706 208-336-8000 www.arthurberry.com

ARTHUR BERRY

& COMPANY

5th Ave

6th Ave

Cle

vela

Blv

Dearb

orn

524 Cleveland

O’R

eill

y’s

Not a part of offering, but can be purchased

SITE PLAN / FLOOR PLANS

MAIN FLOOR - STREET LEVEL

SECOND FLOOR

6th Ave

Page 4: INVESTMENT OPPORTUNITY / MULTI TENANT PROFESSIONAL … · • Mul7-tenant—primarily health services • Occupied by 9 tenants with three vacancies • Value crea7on opportunity

The above is provided by the Owner. Arthur Berry & Company makes no representation as to its completeness and accuracy. Price and terms subject to change at Owner’s discretion.

INVESTMENT OPPORTUNITY / MULTI-TENANT PROFESSIONAL OFFICE BUILDING

524 Cleveland Boulevard, Caldwell, Idaho

Randy Limani 208-639-6171

[email protected]

File 4952 250 W Bobwhite Court, Suite 230, Boise, Idaho 83706 208-336-8000 www.arthurberry.com

ARTHUR BERRY

& COMPANY

SITE MAP

1 SUBJECT 524 Cleveland

2 O’Reilly’s Auto Parts

3 Albertsons

4 Indian Creek Plaza