INVESTMENT PROPERTY - Portfolio of 2 Assets

Office for Sale
Catylist Listing ID: 30376017
Property Subtypes: Business Park, Office Building
Condo? Yes
Building Size (RSF): 10,407 SF
Sale Price: $1,675,000
Property Use Type: Investment
Building Name: Stonebook
Class of Space: Class A
Usable Size (USF): 9,110 SF
Core Factor: 1.14%
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: 8.84%
Average Occupancy Rate: 100
Last Updated: 9/23/2020

Overview / Comments

Fully improved office building with visibility and access from US Highway 98 in Fairhope, Alabama - adjacent to Rock Creek Golf Course and community. The building is offered as an investment sale at a cap rate of approximately 8.84%. The 10,407 square foot building is 100% leased, through September 30, 2022.
This prominently-positioned building offers top-quality finishes, and incorporates a design that offers flexibility. Call for additional information.


Finance Data Year 2019
Real Estate Taxes - Annual($) $7,007 (Annual)
Gross Operating Income $182,123 (Annual)
Net Operating Income $152,623 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Daphne-Fairhope-Foley
County: Baldwin
Taxing Authority: Baldwin County
Tax ID/APN: 05-43-09-32-0-000-001.034
Is Condo?: Yes
Property Located Between: Bayshore Christian Academy and Rock Creek
Property Visibility: Excellent
Highway Access: Direct access from US Hwy 98, via Presbyterian Drive
Site Description: Stonebook is a office condominium, with 3 office buildings. Parking is shared.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 5,204 SF
Year Built: 1997
Roof Type: Gable
Construction/Siding: HardiePlank Siding
Parking Ratio: 3 (per 1000 SF)
Parking Type: Surface
Parking Description: Common parking area
Total Parking Spaces: 60
Passenger Elevators: 1
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: The central atrium is well-appointed with a custom stairwell and access to an elevator. 4 distinct office suites exists, 2 on each floor.
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple - Condominium
Legal Description: Units B & C, Stonebrook, a condominium

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 11,716 32,578
Median Age: 46.67 43.46
Households: 5,080 13,295


Photograph of Listing Agent

Jeff Barnes

Stirling Properties Mobile Mobile, AL
Gulf Coast CMLS Member
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