Catylist Listing ID: 30327124
Property Subtypes: Business Park, Office Building
Building Size (RSF): 182,899 SF
Gross Building Area: See Agent
Sale Price: $23,588,180
Unit Price: $128.97 PSF
Property Use Type: Investment
Building Name: Office Court Portfolio
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Last Updated: 10/15/2018

Overview / Comments

EACH OFFICE PARK IS ALSO AVAILABLE INDIVIDUALLY

• Significant in-place cash flow with upside through lease-up
- Office Court Portfolio: ±182,899 SF (83% occupied)
- Pecos Trail Office Court: ±77,302 SF (87% occupied)
- Office Court at St. Michael’s: ±32,964 SF (84% occupied)
- 4001 Office Court: ±72,633 SF (77% occupied)
• High-yielding investment - 8% CAP Rate based on current, in-place income
• Office Court at St. Michael’s and 4001 Office Court II are condominiums, which allows for flexible exit strategies
- Ability to sell off individual condominiums in the future
• Attractive, assumable, long-term, fixed rate financing on Pecos Trail I, Pecos Trail III, and Office Court at St. Michael’s (see loan terms and contact advisor for more details)
• The Santa Fe market has high barriers to entry
• Low price/SF (priced below replacement cost)
• Diverse mix of professional tenants with staggered lease rollovers
• Many tenants have long tenures at the property
• Original ownership has managed the property since it was developed
• Central, convenient locations
- Easy and quick access to downtown Santa Fe, Interstate 25, and many others services
- Located off major thoroughfares
• Attractive, quality construction
- Modular design
- Buildings specifically designed to accommodate easy, affordable expansion and contraction
- Tenant improvements can be completed quicker and less expensive than competitive properties
- No common areas (no wasted space)
- Exceptionally-maintained by attention-to-detail owner with aggressive preventive maintenance program

Financials

Finance Data Year 2017
Net Operating Income $1,887,054 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Santa Fe
County: Santa Fe
Tax ID/APN: 1054097200225000000

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,822 46,611 73,765
Median Age: 52.6 47.43 45.27
Households: 4,093 23,036 34,428

Contact

Photograph of Listing Agent

Cole Flanagan

NAI Maestas & Ward CARNM CIE Member
Photograph of Listing Agent

Jake Mechenbier

NAI Maestas & Ward CARNM CIE Member
Photograph of Listing Agent

Richard L Diller

NAI Maestas & Ward CARNM CIE Member
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