Best deal in the South Central/West market, priced to move quickly at $45/sf. This project has a “sweet spot” unit size of mostly 1,500sf - 2,000sf. Over the last 8 years this project never got below 85% occupancy, and for the last 3 years has been in the low 90% all the time. Currently average rent are very low compared to the current market rents in this area. The tenant mix is a very good one with a strong mix of local and regional credit, with a few National credit occupants. This project would make a perfect condo play down the line with values to be had in the $80’s and $90’s per SF. Or new owner can instigate a new rate plan for the project and really make this a strong cash flowing asset. Current rents and occupancy is throwing off a true 8.91% CAP RATE even with the low rents and a few vacancies. Truly a excellent investment for cash flow holders and/or condo conversion players. Traditionally this West Market is a very tight one with few alternatives for office warehouse product. This is located right in the NW are of busy 6th Ave & Sheridan Blvd.
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