MULTI-TENANT PROFESSIONAL OFFICE BUILDING | SOLD

Attractive multi-tenant professional office building with 100% occupancy that has been professionally maintained and is in excellent condition.  Easily accessible in the central business district of downtown St. Cloud, just one block from Division Street, near Wells Fargo, Capital One and Perkins restaurant, etc.  Quality construction throughout, and a new roof in 2015.  Building improvements in the amount of $150,000 will be undertaken during the summer of 2017. The combination of two solid tenants and new building improvements make this an excellent investment opportunity.    

More details: 

DESCRIPTION:  Approx. 6,600 SF on main floor has recently been leased under the terms of a 7 year lease agreement with annual rent increases.  8,900 SF of office space on the upper level with skywalk and windows overlooking the 2,500 SF atrium is currently leased.  The atrium with skylights, elevator and two stairways to the upper level could easily be utilized for art exhibits, displays, etc. or other commercial uses.   

TENANTS: Upper level is currently leased to Mid Minnesota Legal Assistance.  Annual rent is $108,878 with annual rent increases.  Lease expires March 30, 2019 with options to renew.  Main floor is leased to Village Family Services, a behavioral health services business.  Lease commencement date is November 1, 2017 and expires November 21, 2024.  First year annual rent is $82,544 with annual rent increases.  

PROJECTED 12 MONTH NET OPERATING INCOME:  $99,490. This is the net operating income, before debt service, calculated from the lease commencement date of the main floor tenant and assuming the operating expenses remain the same as 2016.  It does not consider the annual rent increases as provided for in the lease.  This number is subject to adjustment, up or down, depending upon actual operating expenses during this 12 month period. 

Special Features: 
  • Excellent location
  • Well Maintained
  • New roof in 2015
  • Easily accessible
  • Plenty of parking
Address: 
110 6th Avenue South, St. Cloud, MN.
County: 
Stearns
Parcel #: 
82.52881.0010
Land Area: 
11,088 sq ft
Zoning: 
C-3 (Commercial)
Size of Building: 
Approx 18,000 SF on two levels
Utilities: 
All city services
Heating System: 
Natural gas fired hot water boiler system
Air Conditioning: 
Central Air
Real Estate Taxes: 
$33,000
CAP Rate: 
9%. Based upon projected 12 month net operating income of $99,490
Price: 
$1,100,000 | SOLD
Terms: 
Possible seller financing to qualified buyer.
AttachmentSize
PDF icon MAIN LEVEL FLOOR PLAN.pdf53.48 KB