Listed by Tessa Commercial Real Estate
$3,500,000
2024 3rd Avenue North
Details
Property Type Office
Sub Type Executive Office
Square Footage 21,000
Cap Rate 9.58%
NOI $335,388
Occupancy 88%
Tenancy Multi
Lease Type Gross
Price per SqFt $167
Year Renovated 2018
Stories 3
Office | 9.58% CAP | 21,000 SqFt
Marketing description
For Sale
This 21,000 square foot office building is currently operated as executive office suites, with 54 individual office suites, 88.4% of which are occupied. At 88% occupancy, the total annual rent is $397,800, while total annual expenses amount to $62,412, resulting in an actual NOI of $335,388 and an 9.58% cap rate. The building was fully renovated in 2018, with updates including new HVAC systems, electrical wiring, plumbing, and fixtures. All three floors feature common conference and break rooms. The property is located in an excellent area within Birmingham’s Central Business District.
Investment highlights
- 21,000 square foot office building currently being operated as executive office suites.
- 54 individual office suites are currently 88.4% occupied
- Total annual rent at 88% occupancy is $397,800
- Total annual expenses are $62,412
- Actual noi is $335,388
- 8.4% cap rate
Listing Contacts
Listed by Tessa Commercial Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$335,388.00
$27,949.00/mo
Valuation Metrics
0
DSCR
9.58%
Cap Rate
9.58%
ROI
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