North Port NNN Investment - 7.47% CAP

Office for Sale
Catylist Listing ID: 30357517
Property Subtypes: Business Park, Net Leased, Office Building
Condo? Yes
Building Size (RSF): 5,887 SF
Sale Price: $920,000
Property Use Type: Net Leased Investment (NNN)
Building Name: Earth Balance
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 7.47%
Average Occupancy Rate: 100
Last Updated: 12/7/2018

Overview / Comments

PROPERTY OVERVIEW
NNN investment opportunity in Sarasota County with 7.47% CAP. Freestanding
office condominium building located in Toledo Blade Professional Center, off of
Toledo Blade Blvd. Located among other small professional and medical
offices.

PROPERTY HIGHLIGHTS
• Interior built out by current tenant from gray shell in 2016.
• Office serves as corporate headquarters for single tenant, Earth Balance.
They provide providing ecosystem restoration and environmental
consulting services and have been in Sarasota County for 33 years. Strong tenant.
http://www.earthbalance.com/
• Tenant currently in the third year of a seven year lease.
• 3% annual escalation rate.
• Tenant has one option to renew lease for a 7 year term that continues 3%
escalation rate, with all other lease terms remaining the same.
• For more information, please contact Ron Struthers (941) 769-3316.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $6,849 (Annual)
Net Operating Income $68,701 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Earth Balance
Website URL http://www.earthbalance.com/
Industry Type Professional/Scientific/Technical Services
Is Renting? Yes
SF of Space Occupied 5,887 SF
Current Rent $12 PSF (Annual)
Lease Expiration 12/2023
Escalations 3% annual escalation rate.
Options One option to renew lease for a 7 year term that continues 3% escalation rate, with all other lease terms remaining the same.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 0962011024
Is Condo?: Yes
Zoning: PCDN
Property Located Between: Toledo Blade Blvd. and Corporate Ave.
Highway Access: From Toledo Blade Blvd., access to Interstate 75 to the north (1.5 miles) and US-41/Tamiami Trail to the south (4.5 miles)
Airports: Sarasota-Bradenton (SRQ)
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,887 SF
Year Built: 2006
Year Renovated: 2016
Parking Type: Surface
Part of Planned Development?: Yes
Legal Description: UNITS 1501 & 1502, BLDG 15, TOLEDO BLADE PROFESSIONAL CENTER, BEING A PORTION OF LANDS DESC IN ORI2013043999

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 37,482 61,613
Median Age: 38.03 42.65
Households: 13,699 24,105

Contact

Photograph of Listing Agent

Ronald Struthers

COLDWELL BANKER COMMERCIAL NRT
MFCRE Member
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