Listed by Madison Commercial Real Estate LLC
$3,703,000
The Creamery Building
Details
Property Type Retail, Office
Sub Type Executive Office
Square Footage 96,969
Cap Rate 12.25%
NOI $453,594
Tenancy Multi
Year Built 1920
Year Renovated 2006, 2019, 2020, 2021
Acreage 2.240
Zoning M2 – Heavy Industrial District
Ground Lease No
Retail | 12.25% CAP | 96,969 SqFt
Marketing description
The building was constructed in the 1920’s and completely renovated in 2006. All the windows were replaced, new lighting, mechanicals, and is sprinklered throughout the south building. A new elevator was installed and along with a new roof. An estimated $7 million was spent on restoring the building to what it is today.
There are five floors in the south building and two floors in the north building. The building has underground parking and plenty of surface parking included the corner lot of Madison Ave & Main St, there is also plenty of free street parking along the front and south side of the building. There are also two public parking areas nearby.
The exterior façade includes thermo pane windows, brick and concrete walls. Building signage is available. The interior finishes on the 1st floor and 5th floor include stained and polished concrete, carpeting, exposed brick, and drywall. The 1st and 5th floors also have the highest ceiling heights in the building. Each floor has separate mechanicals and restrooms.
The 5th floor fully leased and is built out with approximately 29 offices, multiple conference rooms, small kitchen area, barista, reception area, plenty of storage and large gathering space.
The 4th floor is built out with 15 offices, numerous cubicle spaces, two conference rooms, storage areas, vending area, breakroom and a reception area.
There is a large mezzanine between the 3rd and 2nd floor that has an interior atrium feel. The 3rd floor has been built out into many smaller individual office suites and if fully leased. The 2nd floor is fully leased and being used for receptions, large gatherings. https://www.creamery201.com/virtual-tour
The first floor is currently being leased to Verlo Mattress. The space is divided out between a retail showroom
and production space.
The north building has two floors of which the ground level is currently being used for underground parking.
The second floor is currently built out with two tenants occupying the spaces.
The City is willing to form a TIF district for conversion to multi-family. Up to 9% in tax credits through LIHTC (Low-Income Housing Tax Credit).
Investment highlights
- Excellent visibility
- Great tenant mix
- Many new upgrades
- Two passenger elevators & one freight elevator
- Outdoor area for tenants and several common areas
- Historic Credits still available
- Great for a Corporate Headquarters
- Redevelopment Opportunity
Listing Contacts
Listed by Madison Commercial Real Estate LLC
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$453,594.00
$37,799.50/mo
Valuation Metrics
0
DSCR
12.25%
Cap Rate
12.25%
ROI
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