Description
110 Springhill Drive units 1 and 2 are comprised of approximately 3000 sf of 2 story office and 2550 sf of warehouse. The property is currently leased to Dignity Health who uses the facility as a mission-critical ambulatory staging/rest area. Dignity has had a long tenancy at the property and has recently extended their lease for an additional 3 years. The in-place rent of the tenant is approximate 23% below market, allowing an investor the ability to significantly increase the cash yield upon Dignity's lease termination. The in-place cap rate is approximately 4.00% and the lease features annual increases. the offering represents great opportunity for an investor to acquire a bite-sized light industrial investment occupied by an investment grade tenant (S%P BBB). Alternatively, the project represents an equally attractive opportunity for an owner-user to buy now and cashflow until Dignity's lease terminates. The property is in a well maintained industrial condo park, OA fees are currently $.26/SF/quarter. The roof was replaced approximately 2 years ago and the OA fees do include a repayment for the roof, OA fees will decrease once the roof is paid off.
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0BEDS
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0.04ACRES
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0BATHS
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01/2 BATHS
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3,800SQFT
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$209$/SQFT
School Ratings & Info
Description
110 Springhill Drive units 1 and 2 are comprised of approximately 3000 sf of 2 story office and 2550 sf of warehouse. The property is currently leased to Dignity Health who uses the facility as a mission-critical ambulatory staging/rest area. Dignity has had a long tenancy at the property and has recently extended their lease for an additional 3 years. The in-place rent of the tenant is approximate 23% below market, allowing an investor the ability to significantly increase the cash yield upon Dignity's lease termination. The in-place cap rate is approximately 4.00% and the lease features annual increases. the offering represents great opportunity for an investor to acquire a bite-sized light industrial investment occupied by an investment grade tenant (S%P BBB). Alternatively, the project represents an equally attractive opportunity for an owner-user to buy now and cashflow until Dignity's lease terminates. The property is in a well maintained industrial condo park, OA fees are currently $.26/SF/quarter. The roof was replaced approximately 2 years ago and the OA fees do include a repayment for the roof, OA fees will decrease once the roof is paid off.
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