Lofts at the Annex
40,000+ SF - IMU / PUD zoning allows for a myriad mix of uses
Marketing description
Cap rate is on pro-forma 2026 as a multi-unit industrial building. Prime Owner-User, Investment, or Redevelopment Opportunity. IMU-1 Zoning allows for Multi-Family, Residential Dwellings above Retail, Research & Development, Warehouse, light industrial, Arts & Entertainment, Animal Clinics, Urban Agriculture, Residential Care Facility, Healthcare Clinic, Gym & Fitness Center, Adult & Child Daycare, Lodge, Office, Retail, Wholesale, Recreation, Dining, Condo Conversion, Food Processing, Movie Studio, Telecom, and much more . 40,144 SF Above Grade. 4 story brick, Block, and Cement Construction, Loading Docks, Ramp, Yard, Freight Elevator, Wet Sprinkler System, and Parking Garage. Each floor has approx 10,000 sf, divided into two wings off of a center hall staircase. The building is sold strictly as-is.
Investment highlights
With minimal capital improvements, the property can be used substantially as-is for 8 units of separately metered and self contained industrial space, yielding gross potential rents of $400K per year. Given that the property benefits from both the IMU zoning and the neighborhood PUD, the potential uses are immense, allowing an investor to determine the highest and best use of each suite / floor. The last use of the property was for multi-family artist lofts, and a residential retrofit to standard size units could yield higher gains for an investor as the region is experiencing a long term housing shortage. The typical apartment unit size for the neighborhood is 2br 2ba over 900 sf, and the average rental in the area is $2200 per month for well appointed properties. Assuming a minimum of 8 units per floor, the property could yield $845K per year.
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