8.75% Cap, STNL Office Asset, in Opportunity Zone & CBD

Office for Sale
Catylist Listing ID: 30384551
Property Subtypes: Governmental, High-Tech, Institutional, Mixed Use, Flex Space, Net Leased, Office Building
Building Size (RSF): 27,297 SF
Gross Building Area: 32,271 SF
Gross Land Area: 45,302 SF
Sale Price: See Agent
Ceiling: 12 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Jackson Kelly Attorneys at Law, PLLC
Class of Space: Class A
Usable Size (USF): 32,271 SF
Sale Terms: Undisclosed, Cash to Seller, Other
Cap Rate: 8.74%
Average Occupancy Rate: 100
LEED Certified: Yes
Last Updated: 4/17/2019

Overview / Comments

Excellent 1031 property or passive investment asset. Triple net leased property with credit tenant which has shown long term commitment to the property. Property is located in a Evansville Indiana’s, vibrant downtown submarket / central business district. Over $169,000,000 of new development has taken place under half a mile of the subject property within the past 5 years. Property is located within a Qualified Opportunity Zone. Contact Listing Agent for additional information.

Offering cap rate: 8.74%

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Taxing Authority: Vanderburgh
Tax ID/APN: 82-06-30-020-035.003-029 & 82-06-30-029.001-029
Zoning: C-3 (221 NW FIFTH STREET) & C-4 (409 INGLE STREET)
Property Located Between: Vine Street & Court Street
Property Visibility: Excellent
Highway Access: IN 62 / Lloyd Expressway
Airports: Evansville Regional Airport
Site Description: Well positioned central business district property. 73 surface parking spaces. 1.04-acre / 45,302.40 in total. Offering includes 221 NW Firth Street (Improved parcel) and 409 Ingle Street, (additional parking lot)
Area Description: Property is located in a Qualified Opportunity Zone within Evansville Indiana's downtown submarket / central business district. This area of Evansville has experienced an unprecedented level revitalization and continued growth. Over $169,000,000 of new development has taken place over the past 5 years.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 12,809 SF
Year Built: 1904
Year Renovated: 1994
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: The super-structure of the building is constructed with steel and masonry framing. The finished office area constructed of wooden frame with a ceiling height of eight (8’) foot to twelve (12’) foot throughout.
Parking Ratio: 2.3 (per 1000 SF)
Parking Type: Surface
Parking Description: 73 surface parking spaces.
Total Parking Spaces: 73
Passenger Elevators: 1
Sprinklers: None
Heat Type: Electricity, Natural Gas, Other
Heat Source: Central, Heat Pump, Other
Air Conditioning: Engineered System, Other
Interior Description: The interior of the building is finished with drywall and acoustic drop ceilings. There is LED and fluorescent lighting throughout. There is a mixture of floor coverings including, marble tile, carpet, and ceramic. Each of the floors have full furnished restrooms. There are multiple waiting areas, conference rooms and offices. Overall, the condition of the building is in good condition with little to no deferred maintenance. The subject property consists of one (1), two (2) story, detached masonry/steel framed commercial office building. The building is a total of 32,271 square feet, originally constructed in 1909. The first floor consists of 12,809 square feet, second as 6,568 square feet and the basement as 12,894 square feet. There are two (2) sets of men and women restrooms, on the first and second floor. There are an additional two (2) unisex restrooms in what is referred to as the litigation area. The building was completely renovated in 1994 and has continually had upgrades since. There is one (1) elevator and two (2) stairwells.
Zoning Description: According to the Evansville Metropolitan Planning and Zoning Commission the subject property is zoned C-3 Central Business District (221 NW Fifth Street) and C-4 General Commercial District (409 Ingle Street). Both the C-3 and C-4 Zonings are intended for commercial use including professional office, like the subject.
Lot Frontage: 221 NW 5th St :207 +- Feet and 409 Ingle St: 160 +- Feet
Lot Depth: 221 NW 5th St: 163 +- Feet and 409 Ingle St: 100 +- Feet
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: There are typical public utility easements along the south and west property line.
Land Ownership: Fee Simple
Legal Description: The subject property is a single tenant, professional office building, located along North West Fifth Street and contributing parking lot located at Ingle Street. The tracts are located in the downtown, central portion of Evansville, Vanderburg County, Indiana. The physical address is known as 221 North West Fifth Street, Evansville, Indiana 47708 and 409 Ingle Street, Evansville, Indiana 47708. Deed Book #1999R00003892 illustrates the site, as being three (3) parcels, consisting of 1.04 acres. The topography of the sites is mainly level. There is a adjoining parking lot to the building that has two (2) access points from North West Fifth Street and a rear access point from Court Street. The additional employee parking lot located along Ingle Street has two (2) ingress/egress points. The office building has a total of 32,271 square feet and is made up of a steel frame with a limestone and brick veneer exterior.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,860 73,919 134,549
Median Age: 38.39 36.56 37.62
Households: 4,697 30,669 57,758

Contact

Photograph of Listing Agent

Henry (H.A.L.) Arthur Lee Watkins

Hahn Kiefer Real Estate Services Not a member of KCREA
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