Listed by Sands Investment Group Austin - Offenbecher, Sands Investment Group Philadelphia, Sands Investment Group Austin
$2,119,000
Shelby County Community Services - Memphis TN
Details
Property Type Office
Sub Type Executive Office
Square Footage 13,456
Cap Rate 9.26%
NOI $196,199
Occupancy 100%
Tenancy Single
Brand/Tenant Shelby County Community Services
Lease Type Gross
Lease Term 10
Lease Expiration 09/30/2030
Remaining Term 4.3
Price per SqFt $157
Year Built 1969
Year Renovated 2020
Acreage 0.950
Investment Type Net Lease
Lease Commencement 10/02/2020
Government Office - Memphis, TN | 9.26% CAP | Recent Extension | 2% Annual Increases
Marketing description
Sands Investment Group is pleased to exclusively offer for sale the 13,456 SF Shelby County Community Services facility, located at 1188 Minna Place in Memphis, TN. The property is 100% occupied by the Shelby County Government (Shelby County Community Services) under a lease backed by a full county guarantee. The lease provides 2% annual rent escalations, delivering a reliable income stream and a strong hedge against inflation.
Investment highlights
- 100% occupied by Shelby County Government (Shelby County Community Services).
- The tenant just renewed the lease for an additional 5 years (firm), demonstrating their commitment to the site.
- The lease offers 2% annual escalations, offering a strong hedge against inflation.
- The site includes the parking lot on South of Minna Pl, a generous parking ratio of 5.8 stalls per 1000 SF.
- A new roof was installed in 2020 with a 10-year warranty.
- Shelby County guarantees the lease and has an investment-grade credit rating of AA+ (S&P).
- The site offers great freeway visibility at the intersection of I-69 and US Hwy 78 (combined traffic count of 122,150 VPD).
- Strong population base of 105,186 and 2.5% annual growth between 2020 and 2024.
- The site has a central location, just 10 miles from Memphis International Airport, 1.5 miles from the rapidly expanding Medical District, and 2.5 miles from downtown Memphis.
- Shelby County Community Services offers essential resources to the Memphis community, such as family resources, rent and utility assistance, and resources to make residents' homes more energy efficient.
Listing Contacts
Listed by Sands Investment Group Austin - Offenbecher, Sands Investment Group Philadelphia, Sands Investment Group Austin
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Loan Amount
$0.00
Annual Debt Service
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$--
Annual Cash Flow
$196,199.00
$16,349.92/mo
Valuation Metrics
0
DSCR
9.26%
Cap Rate
9.26%
ROI
Map
Zoning
CMU-3 CommercialGeneral CommercialCommercial Mixed Use 3
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