9% Net Unlevered Return with Billion Dollar Tenant

Office for Sale
Sale Pending
Catylist Listing ID: 28643869
Property Subtypes: Medical, Office Building, General
Status: Pending
Building Size (RSF): 1,734 SF
Gross Building Area: See Agent
Sale Price: $208,278
Unit Price: $120.11 PSF
Property Use Type: Investment, Vacant/Owner-User
Building Name: Georgia Gardens Professional Office Park
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/14/2018

Overview / Comments

> 9% cash-on-cash return net of property taxes,
insurance, CAM, and office condo dues
> 16.4% net cash-on-cash return assuming 30% down
($62,483), 5% mortgage interest, and 25 year
amortization
> LabCorp ($17 billion market cap) lease through
05/31/2020 with additional 3 year renewal option
> Owner must sell

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Far Northeast
Tax ID/APN: ABQ65410
Zoning: MX-T - Mixed-use: Transition
Site Description: 5:1,000
Number of Stories: 1
Construction/Siding: Other
Parking Ratio: 5 (per 1000 SF)
Total Parking Spaces: 63

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,524 153,736 351,928
Median Age: 38.36 40.33 38.76
Households: 10,187 70,231 154,023

Contact

Photograph of Listing Agent

Anne E Apicella

Colliers International CARNM CIE Member
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