63,340 Square Foot Office Space For Sale @ 1209 Nw Central Ave

The site is a rectangular shaped tract fronting 181.5 feet on the west side of Northwest Central Avenue (Highway 51). The total area of the subject site is determined to be 65,340 square feet or 1.50 acres.
The improvements consist of a 9,747-square-foot office building that is wood framed with a reinforced concrete slab foundation, a pitched metal roof and brick veneer exterior walls. The building is currently leased and originally designed for a government office use. The building is currently being renovated with an updated floor plan and adding additional office space. Once completed, the space will include approximately 35 individual offices, a lobby, receptionist area, storage rooms, a kitchen/break room, a conference room, evidence room and multiple storage rooms. The interior components include vinyl tile floors, sheetrock walls, and acoustical hanging ceiling tiles. Overall the building is of average quality and will be in good to excellent condition once completed.
Site improvements include one curb cut from NW Central and parking in the front of the office building. In total, there are 36 marked parking spots with several handicapped spots. There is also a concrete sidewalk around the front and side of the building.
The subject is was leased to the Department of Public Safety and Corrections on May 18, 2002 for a period of five years ending May 17, 2007. The Lessee exercised an option to renew from May 18, 2007 to May 17, 2012. Since this time, the two parties have been negotiating a new lease which included renovations to the existing building as well as the addition of four offices. During this time, the Lessor and Lessee agreed to 3-month options until the terms were agreed upon and the renovations were completed. The subject is currently leased for $10,252.25 per month or $12.62 per square foot.
A new lease has been signed that will commence January 1, 2014 and end December 31, 2018 (5 years). The lease rate is $165,450 per year or $16.97 per square foot. This is a full service lease with the Lessor responsible for taxes, insurance, maintenance, janitorial services, electricity, gas, water, sewer and trash/garbage disposal. The Lessee is responsible for telephone and internet expenses.
The Lessee has the option to renew the leased for an additional five years at the same rate unless the U.S. Government CPI increases more than 15% during the primary term. If the increase in the CPI exceeds 15%, the rental rate will increase at the same rate not to exceed 20% of the primary rental payment.