Description
Option 1: Lease 1st and 2nd Floors as a 6-office suite at $3,000 / mo or $19.45 / SF.
Option 2: Lease 1st floor for retail at $1,700 / mo, 2nd floor for office at $1,300 / mo, 3rd floor already leased to DC law firm,
Option 3: Buy 1st Floor as a condominium unit at $350,000 or 1st and 2nd Floors at $600,000.
Option 4: Buy the 3,963 square foot building as an investor at $800,000.
Option 5: Buy the building for a live-work purpose, convert the 3rd (or 2nd and 3rd) floors to residential (in Jan. '22)
No other listed commercial property in Easton's Town Center offers as much flexibility as this one, nor the extent of amenities and finishes in the common areas, reception, and conference room, as well as kitchens and bathrooms. A full range of services and furnishings are also available. Revenue is currently realized through one three-year lease, two long time M-t-M leases, a la carte services, and virtual office subscriptions. Upside exists with one prime office space to rent, and more focus on the existing executive suites business model. This is a perfect opportunity for an Investor, suites operator, or live/work.
Highlights
7.25% cap rate on proforma income (over 1/2 of which is in place (3rd floor, most difficult to rent)).
Includes Vacancy and Management.
Creative deal structure, including partial owner financing or lease purchase.
Beautifully restored Italianate dwelling c. 1870 converted to commercial use.
Completely renovated in 2005 including a new roof and HVAC.
Long prominent history as law office, engineering office, and executive suites.
Surrounded by extensive investments in the Stewart and Nevius Hardware buildings
One minute to all the exciting new high-end retail on Federal and Goldsborough Streets, and Washington Street restaurants.
Three floors, each floor separately metered for electric and water.
Full dry basement for storage.
Separate access and entrances promote individual rental of each floor or potential condominiumization.
Two front entrances, right side is mid-to-late authentic colonial revival alteration, front and rear stairwells.
High ceilings, tall historic windows and other value-adding architectural features.
Three parking spaces included and a newly renovated public parking lot adjacent at a cost of only $150 per year.
Perfect location for satellite offices for regional professional services firms.
