Investment Opportunity (6.16 Cap) - "Ice House" Professional Office Building
This Class "A" Office is uniquely situated in downtown Macon, Georgia just off the entrance ramp to Interstate 16. Located on the only office property adjacent to the Ocmulgee River, this beautiful, high-end, office building is 100% occupied. The two long term tenants have occupied their spaces since 2007. The leases are full service with annual escalations based on CPI index. The anchor Tenant's lease of 38,864 RSF expires December 2031 with the secondary Tenant's lease expiring in 2022. Landlord is responsible for building maintenance, utilities and janitorial. TI Real Estate, the current management company is positioned to continue management for new ownership. This building is in pristine condition, with no deferred maintenance. Buyer may assume the mortgage which has a fixed rate of 4.58% for approximately 8 years or pay the hedge premium on the existing loan.
| Property Type | Office Bldg |
|---|---|
| Year Built | 2007 |
| Renovated Year | 2018 |
| Max Continuous Area | 43,500 |
| Min Divisible Area | 43,500 |
| Zoning | CBD1 |
| Tax Year | 2020 |
| Listing ID | 5T474B |
| Style | Office Bldg -General |
| Building Size | 43,500 SF |
| Lot Size | 2.99 AC |
| Taxes | $97,772 |
Property Highlights
PROPERTY HIGHLIGHTS • 43,500± SF Two-story, class "A", brick office building on approximately 2.99 acres • High end construction • Currently generating gross income of $943,752 annually - Cap Rate: 6.16% • Two long term tenants • Anchor tenant lease expires 12/31/2031 • Assumable 8 year fixed note at a 4.58 % interest rate • Buyer Profile: Investment Grade, Passive Property Video: https://www.goroundmedia.com/231-riverside-drive-macon-ga/
Area DescriptionArea Description: Downtown Macon, Bibb County, GA - Located in downtown Macon along the Ocmulgee River & Ocmulgee Heritage Trail
