Description
9.1% capitalization rate! One of the premier office buildings in northern Juneau. Long term tenants, low risk, high cash flow yield. Offering a fully leased 20,116 sq foot brick mason building that has been continually occupied by the State of Alaska since it was built in 1983. The DMV (Department of Motor Vehicles), State Troopers Juneau Headquarters, Department of Corrections, and the Office of Fire Safety are the primary tenants. In addition to annual CPI index increases, there are contractual lease increases in place that will increase net income by $20,000 over the next 24 months. Over $230,000 of improvements in the last 9 years that include major items such as, new roof, new boilers & HVAC, new doors, new paint, etc… 97 parking spaces in total giving you 5.9 spaces per 1,000 SF. Property is priced to sell with existing net operating income at 9.1% capitalization rate.
Location
Listing information provided courtesy of the Southeast Alaska MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 25th March, 2023 10:21 PM (UTC)
Listing Office: RE/MAX Of Juneau
