3349 Ridgelake Drive – Sale Pending

Price: $999,000
Zoning: BC-2
Sq. ft.: 14,400
Lot Size: 120 x 120'
Type: Office Building Investment

This is a 14 unit garden office building which is owned by a contractor and is in very good condition.  The landlord has let all but two of the leases expire, so most tenants are month to month.  It used to be an apartment complex, so all units have their own HVACs and bathrooms.  All of the baths save one are full baths.  It is under a termite contract.  The owner pays for all of the utilities, taxes, insurance and repair and replacement of the A/C units.  There are a few vacancies, but the lessor uses a small sign on the street to acquire tenants; and it hasn’t been much of a problem finding them.  The rental figures are lower than the market, so he has tenants who have occupied for many years.  In fact, a doctor rents two of the units simply to store his personal items.  Tenants take care of their own janitorial duties including taking out the trash twice per week.  On December 28, 2017, Murphy Appraisal Services valued the property for $1,205,000 (the sales comparison approach amounted to $1,220,000.)  Under more aggressive management, this property could see revenues dramatically increased, thus offering an investor a very good upside potential.

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