$1,300,000 (sold)

Century 21 Office, Sunnyslope

7,900 sf single tenant office building in Sunnyslope on Central Avenue. Leased to and occupied by Century 21 Foothills Realty since 2007. A new lease for 7 1/2 years begins in September 2016.

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This investment property was sold in September 2016 by SteepleRock while still in escrow.  It has located in the Sunnyslope neighborhood, on a prominent street, Central Avenue, with a storng regional tenant, a Century 21 franchisee with 8 offices.

The site fronts on Central, just south of Dunlap Avenue, and backs onto Sunnyslope High School.

Despite containing only 7,900 rentable square fee,t the building is three stories tall. The ground level has parking, an elevator lobby, and stairwells. The second floor is largest, with agent offices and reception. The third floor is set up for conference rooms and balcony terraces.

Resale cap rate of 8.30% on annual NOI of $108,000, for a price of $1,300,000 ($165/sf).