The Genesee Plaza office building is a local landmark with visibility from I-70. It is a 25,030 sq. ft. , fully occupied office property. Current gross revenue from rents is $403,557.92. Current NOI is $257,183.54, after expenses.
The building has two stories and 7 tenants. Many have been tenants for over 10 years. All but one is locked into a long term lease. The property was also recently renovated and updated. Common areas and about 50% of the office suites were completely rehabbed in 2015. This property is in excellent condition, interior and exterior.
Other Highlights: This is a stable investment, with 100% current occupancy and predictable cash flow. The largest tenant has occupied since 1992. There is abundant Parking (recently re-sealed): 4.8 spaces/1,000 SF. And the property has below market avg lease rate. All leases have annual increases. The current cap rate is 8.80%, which increases annually. The property sits on 2.05 acres and is 150 yards from the I-70 off ramp.
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