State Leased Investment Property

Office for Sale
Sale Pending
Catylist Listing ID: 30000767
Property Subtypes: Governmental, Mixed Use, Flex Space, Office Building, Other
Status: Pending
Building Size (RSF): 20,950 SF
Gross Building Area: See Agent
Gross Land Area: 1.10 Acres
Sale Price: $2,300,000
Unit Price: $109.79 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class B
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 12/21/2018

Overview / Comments

RARE OFFERING on this state leased 20,950 sf building. The State of Idaho, Department of Corrections has been a tenant in this building for over 19 years and recently signed a 10 year extension with 3% per year lease rate escalations.Further, in consideration of the lease extension, Landlord provided a perimeter security fence and completed significant interior and exterior tenant improvements including the complete resurface and re-striping of the parking lot. Current NOI, factoring in all expenses including management and reserves is approximately $169,067.Listing agents also manage the property and can continue to manage for the new Buyer.

Current Tenants

Tenant Business Name ID Dept of Corrections
SF of Space Occupied 20,950 SF

Additional Details

Nearest MSA: Coeur d'Alene
County: Kootenai
Tax ID/APN: 142296, 137679
Zoning: C-17
Market Type: Large
Property Located Between: Government Way and 4th Street
Side of Street: South
Road Type: Paved
Property Visibility: Excellent
Transportation: Bus, Taxi, Other
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1979
Roof Type: Flat
Construction/Siding: Block, Concrete - Tilt up
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Air Curtain
Internet Access: Cable, DSL, Dialup
Lot Frontage: 195
Lot Depth: 245
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,026 46,420 69,208
Median Age: 35.05 36.66 38.51
Households: 6,122 19,292 28,097
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