INVESTMENT PROPERTY FOR SALE FORT WAYNE, INDIANA€¦ · been well-maintained with high occupancy,...
Transcript of INVESTMENT PROPERTY FOR SALE FORT WAYNE, INDIANA€¦ · been well-maintained with high occupancy,...
OVERVIEW : Airport North Business Park
$3,825,000
9.25% Cap Rate
51,000 SF - 5 Buildings
$354,000 - Proforma NOI
90.7% Occupancy: Upside Potential
Year Built: 1991-1995
Multi-Tenant Flex Office/Warehouse Buildings
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from BND Commercial and should not be made available to any other person or entity without the written consent of BND Commercial. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. BND Commercial has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, BND Commercial has not verified, and will not verify, any of the information contained herein, nor has BND Commercial conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Investment Overview:
BND Commercial, on behalf of Ownership, is pleased to exclusively present an outstanding opportunity to purchase the fee- simple interest, 10,200 SF (each) five building multi-tenant flex property totaling 51,000 SF in Fort Wayne, Indiana. The buildings are being offered as a package. The property consist of five identically designed flex office-warehouse buildings built in 1995. They have been well-maintained with high occupancy, mostly regional tenants. The property is located in the northwest area of Fort Wayne, one mile from I-69 and close to restaurants, retail, offices and Smith Field Airport. The tenants are a range of regional/national and local companies, such as offices for engineering, technology, and healthcare. Most tenants have occupied their spaces for more than five years. The suites have a high percentage of office space with a little warehouse or are entirely office space. Some of the spaces have drive-in doors in the rear of the building. These buildings are currently designed for 13 tenants, but space can be combined or sub-divided. Fort Wayne is the second largest city in Indiana with a city of 260,000 people, county of 363,000 and MSA of more than 541,000. The region has a strong employment of manufacturing with a lot of diversity of employers. The NE Indiana industrial market consists of 104,000,000 SF with vacancy at 5.25%. The office market is 13,000,000 SF with vacancy of 14.4%. The flex and office/warehouse market has vacancy under 5%.
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
Building 1300 - 10,200 SF
Suites A, B, C - 6,330 SF - 90% Office - LEASED
Suite D - 3,870 SF - 2/3 Office; 1/3 Warehouse - LEASED
47+ Parking Spaces for Building
Building 1200 - 10,200 SF
Suites A/B - 4,000 SF - 80% Office - LEASED
Suites C/D - 6,200 SF - 90% Office - LEASED
Extensively Remodeled in 2015
Building 1400 - 10,200 SF
Suites A - 3,060 SF - 90% Office - LEASED
Suite B/C - 3,540 SF - All Office - LEASED
Suite D - 3,600 SF - 90% Office - LEASED
Long Term Tenants
Building 1100 - 10,200 SF
Suite A - 2,550 SF - 80% Office - LEASED
Suite B - 2,550 SF - 1/2 Office - VACANT
Suite C/D - 5,100 SF - 80% Office - LEASED
Building 1000 - 10,200 SF
Cook Road Frontage
Suite A - 2,550 SF - 2/3 Office; 1/3 Warehouse - LEASED
Suite B - 2,185 SF - 2/3 Office; 1/3 Warehouse - VACANT
Suite C/D - 5,465 SF - 2/3 Office; 1/3 Warehouse - LEASED
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
Co
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Lima Road / US Hwy 3
Smith Field Airport
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
Property Highlights
Address 1000, 1100, 1200, 1300, 1400 Airport North Office Park
City/State/Zip Fort Wayne, Indiana 46825
Sale Price $3,825,000
Cap Rate 9.25% (8.5% based upon 2016 budget)
Estimate NOI $354,000 - 2017 Proforma
Lease Length(s) Varies - 11 Tenants and 2 Vacant
Occupancy 90.7% - 4,735 SF Vacant (2,185 SF and 2,550 SF)
Building Information
Total Building Size 51,000 SF (Five 10,200 SF Buildings)
Land Area 5.25 acres
Construction Type Steel Frame - Concrete front and side with steel
Construction Year 1991-1995
Number of Floors One
Roof Metal standing seam
Foundation Slab (6” reinforced concrete)
Heating/Air System Rooftop gas-forced units; most units are 100% central air conditioned
Electric Varies per unit; most are 200 to 400 amp single phase
Sprinkler System No
Ceiling Height Rear clear height: 10’
O/H Doors 12 Total - varies per building
Parking Lot/Drives 40+ avg/building: 140+ spaces front and 66+ spaces rear plus unloading area
Building Dimensions Each building is 120’ wide by 85’ deep
Other Adjacent to Smith Field Airport
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
Smith Field Airport
Cook Road
SITE
INVESTMENT PROPERTY FOR SALE
FORT WAYNE, INDIANA
1021 S. Calhoun Street | Suite One Fort Wayne, IN 46802 (260) 407-0900 | www.bndcommercial.com
O. Karl Behrens, CCIM, SIOR Direct: (260) 407-7115 Cell: (260) 410-3627 [email protected]
Financials
Income 2015 Actual 2016 Budget Potential 2017 Proforma
Base Rent
-Occupied Spaces $346,176 $359,000 $390,000 $374,000
-Vacancy % 15% 14% 5% 9.3%
-CAM, NNN $99,415 $100,000 $130,000 $116,000
-Gross Potential Income $445,591 $459,000 $520,000 $490,000
Expenses
-Real Estate Taxes $47,000 $47,000 $50,000 $48,000
-Association Dues $8,000 $8,000 $8,500 $8,000
-Building Insurance $3,000 $3,000 $3,500 $3,000
-Utilities $8,000 $7,000 $6,000 $6,000
-Repairs & Maintenance $20,000 $15,000 $15,000 $15,000
-Lawn/Snow $25,000 $25,000 $26,000 $26,000
-Other $4,650 $10,000 $10,000 $10,000
-Management Fee $19,500 $20,000 $21,000 $20,000
Total Expenses $135,150 $135,000 $140,000 $136,000
Net Operating Income $310,441 $324,000 $380,000 $354,000
Investment Highlights
Strong North Fort Wayne Location
Less than 1 mile from I-69
Close to retail, restaurants, offices, Smith Field Airport
Flexible buildings: well suited for office and/or office-warehouse
Upside potential