Located in the popular Watertower Office Park in East Lansing, this fully leased investment property consisting of 2 units comprising 66% of the total building. The units are leased to a international insurance service provider and a regional home health care provider. The property has long term relationships with both tenants and the health care tenant has recently renewed. The insurance tenant lease comes due in July of 2020 and is expected to renew at a rate several dollars per foot lower, as noted in the proforma cash flow. The property is priced based on the projected new rent amounts with the current rents producing a large excess return until the renewal period. The property is well maintained and both units have premium build outs and features throughout. The new owner could also choose to not renew the existing 5,895 Sq. Ft lease and occupy this space themselves on August 1st, 2020. Full offering memorandum available upon request.
|--||New Value: $995,000|
|7/25/2019 4:30:00 AM|