±19,776 SF Office

Residential Conversion: The property is located within the Adaptive Reuse Area and can be converted to residential with a density of up to 45 DU/acre.

Owner-User Opportunity: Existing tenants are all short-term leaving a buyer the opportunity to assemble up to 13,180 square feet by April 2025. Given the in-place income a buyer will have low occupancy costs as well as depreciation write-offs, principal paydown and building appreciation.

Significant Upside: A savvy buyer can increase cash flow by converting leases to plus utilities ($.30/sf) and charging on rentable area instead of usable (12%-15%), as is market standard. Additionally, rents are estimated to be 15.67% under market. Suites under 700 SF are hard to find and demand much higher rents than traditional suites that are 1,500+ SF. It is very expensive for a landlord to demise and create small suites. The smaller the suite, the more of an increase it will demand. There are 21 suites under 700 SF (70%). It is suggested the new ownership quote these small suites on a whole dollar amount vs. a price per square foot amount, similar to renting an apartment.