Listed by Poelstra Properties
$112,000
Max, North Dakota Main Post Office
Details
Property Type Special Purpose
Sub Type Post Office
Square Footage 1,196
Net Rentable (SqFt) 1,196
Cap Rate 8.03%
NOI $8,988
Occupancy 100%
Tenancy Single
Brand/Tenant USPS
Lease Type Gross
Lease Term 5
Lease Expiration 11/30/2027
Remaining Term 1.5
Rent Bumps Yes
Lease Options $13,120/year ($10.97/sq. ft) from 12/1/2027 - 11/30/2032; $14,430 ($12.07/sq. ft) from 12/1/2032-11/30/2037
Pro-Forma Cap Rate 8.02%
Pro-Forma NOI $8,988
Price per SqFt $94
Class A
Year Built 1964
Buildings 1
Lot Size (SqFt) 2,254
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 12/01/2022
Ground Lease No
Sale Condition N/A
Special Purpose | 8.03% CAP | 1,196 SqFt
Marketing description
This is a government leased post office property located in Max, North Dakota. The property is a single-tenant United States Post Office with an existing lease through November 30, 2027, with renewal options extending through 2037. The lease includes a Lessor Maintenance Rider and Lessor Tax Rider. According to the U.S. Census Bureau, the population of Max, ND is 358 residents. Estimated median household income is $80,208/year and estimated median home value is $137,500. USPS hours of operation are 8am - 12pm, Monday - Friday; 8:15am - 9am Saturday; closed Sunday. The nearest full-service main post office is Garrison, ND, 25 miles from Max, ND.
Investment highlights
- Annual Rent: $11,925/year ($9.97/sq. ft.) from 12/1/2022 - 11/30/2027
- Renewal Options: $13,120/year ($10.97/sq. ft) from 12/1/2027 - 11/30/2032; $14,430 ($12.07/sq. ft) from 12/1/2032-11/30/2037
- No Purchase Options
- Lessor Maintenance Rider
- Lessor Tax Rider
Listing Contacts
Listed by Poelstra Properties
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$8,988.00
$749.00/mo
Valuation Metrics
0
DSCR
8.03%
Cap Rate
8.03%
ROI
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