63 Midtown Park East

Office for Sale
Catylist Listing ID: 30094466
Property Subtypes: Business Park, Mixed Use, Office Building
Building Size (RSF): 10,100 SF
Gross Land Area: 22,220 SF
Sale Price: $495,000
Unit Price: $49.01 PSF
Property Use Type: Investment
Building Name: Azalea City Center for the Arts
Class of Space: Class C
Usable Size (USF): 10,100 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/22/2017

Overview / Comments

This building was built and formerly occupied by Calagaz Photo Supply and used as a retail store with office and warehouse space built into the building.
The building has 7,200 square feet on the first floor and 1,040 square feet on the second floor.

The property has been leased to the Azalea City Center for the Arts and has been converted to an instructional facility for music, dance and drama instruction.

The Azalea City Center for the Arts is owned and operated by Chris Paragone, a well know and successful instructor of the arts in the Mobile area. The business has occupied the building for the past four years and six months and been very successful. Some of the space in the building is sub-leased to other instructors who have had a great deal of difficulty finding adequate space to use to offer their instructional services.

The lease has just been renewed for an additional three year period beginning September 1, 2017.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $4,907 (Annual)
Potential Rental Income $52,800 (Annual)
Net Operating Income $40,074 (Annual)
Gross Operating Income $40,074 (Annual)
Lender Name N/A

Current Tenants

Tenant Business Name Azalea City Center for the Arts
Industry Type Education Services
Is Renting? Yes
SF of Space Occupied 9,060 SF
Lease Expiration 8/0031

Additional Details

Nearest MSA: Mobile
County: Mobile
Taxing Authority: Mobile County
Tax ID/APN: 022908192001032
Zoning: B-3
Property Located Between: Airport Blvd. and Dauphin Street
Property Visibility: Good
Site Description: The site is completely paved with parking on three sides of the building.
Area Description: Mixed use office park with small office and office/warehouse buildings located in the park. Midtown park is a popular park located approximately 1/4 mile east of the intersection of Interstate-65 and Dauphin Street.
Total Number of Buildings: 1
Construction/Siding: Metal Siding, Steel Frame
Exterior Description: Metal construction with brick facade and glass on the front side of the building.
Parking Type: Surface
Parking Description: Adequate
Interior Description: This property was originally built as a retail/warehouse facility with office space on the second floor. The interior has been altered to allow for a dance studio and additional instruction space.
Zoning Description: B-3
Lot Frontage: 110'
Lot Depth: 202'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lot 32 and the southeast 50 feet of Lot 33, Midtown Park, 2nd Unit

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,784 91,569 189,582
Median Age: 32.98 35.98 36.44
Households: 4,596 37,712 77,058

Contact

Photograph of Listing Agent

Joseph G. Betbeze, Jr.

Betbeze Realty Co., Inc. Gulf Coast CMLS Member
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