8,800 Square Foot Office Space For Sale @ 501 Eagle Day Ave

Nice stand alone one story building located on three acres (corner lot) with over 50 paved parking spaces with additional spaces on paved parking lot and drive. building has zoned HVAC, recessed florescent lighting and carpet floors in hallways and offices. Building was built in 2009. Medicaid is the primary tenant and is in the 7th. year of a 10 year NN Lease. the space was actually a built to suit Medicaid location serving the Marion county area. Normally leases of this nature are renewed and indications are that this will be as well. There is an additional 1,685 SF of leasable space. Local market for space such as this is in the $12 to $15 range. Current Income from Medicaid is $72,000.00 All expenses including reserves is $22,071 That is a $49,921 NOI . However, an upside Is the additional revenue of $20,220 from vacant space. Built as is appraisal is $900,000.00 Projected CAP rate is in the 8.74 range.