Income Producing Office Space for Sale

Office for Sale
Sale Pending/Contingent
Also listed as Business Opportunity
Catylist Listing ID: 30757912
Property Subtypes: Business Park, Governmental, Institutional, Medical, Office Building
Status: Pending/Contingent
Building Size (RSF): 8,400 SF
Gross Land Area: 0.77 Acres
Sale Price: $595,000
Unit Price: $70.83 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 9.96%
Average Occupancy Rate: 84
Last Updated: 10/7/2021

Overview / Comments

This is a well placed, Garden style office located on Cottage Hill Rd.

It represents a great opportunity to own a property that has historically leased well, has a wide open parking area, easy access to Cottage Hill and features a pylon sign.

The property is a two-building development on 0.76 +/- acres with 2 curb cuts to Cottage Hill and 210' of unobstructed frontage.

Building 1 is 5,806 +/- square feet of office that is divided into 3 units. It has separated, walk up entrances and a large courtyard in the rear for all tenants to enjoy. It is 77% leased. The remaining unit that is available in building 1 is Suite B, it is the middle unit and has a small reception area, 2 restroom at the entrance, six large offices, and a break area. It is available for lease or owner occupancy.

Building 2 is a 2,486 +/- square feet free standing unit and is currently 100% leased to Cottage Hill Veterinarian's office.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $6,211 (Annual)
Tax Value Land $108,300
Tax Value Improvements $502,900
Assessed Value - Total($) $475,000 (Annual)
Potential Rental Income $78,454 (Annual)
Gross Operating Income $78,454 (Annual)
Net Operating Income $59,238 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Cottage Hill Animal Clinic
Industry Type Professional/Scientific/Technical Services
Is Renting? Yes
Year Founded 1981
SF of Space Occupied 2,586 SF
Tenant Notes Cottage Hill Animal Clinic and Dr. John Slaughter has been providing Veterinarian, Pet Grooming and Kennel services for Mobile and Baldwin County residents, and for out of town guests and visitors for more than 40 years. The Cottage Hill Animal Clinic Staff is managed by Amber Flanagan, and she is the Office and Clinic Manager. Amber is also a Certified Veterinarian technician, and she has been been side by side with Dr. Slaughter as his most valuable and trusted resource, since 2008. The combined experience of our seasoned veterinarian and surgical technicians, and our pet handling and kennel staff exceeds 75 years.
Tenant Business Name Innovative Dance
Industry Type Arts, Entertainment, and Recreation
Is Renting? Yes
Employees Total 2
Employees at Location 2
Year Founded 2019
Suite Number A
SF of Space Occupied 2,000 SF
Tenant Notes Dance studio for children
Tenant Business Name Cold Hard Tresses
Is Renting? Yes
Suite Number C
SF of Space Occupied 2,000 SF
Tenant Notes Tenant is a small spa that offers make up, hair and photography
Tenant Business Name Lamar Advertising Signage
Is Renting? Yes
Tenant Notes Billboard Signage located on site

Additional Details

Nearest MSA: Mobile
County: Mobile
Taxing Authority: Mobile County
Tax ID/APN: R022807354000065.
Zoning: B2
Property Located Between: Azalea Rd and Demotropolis
Property Visibility: Excellent
Area Description: Cottage Hill Rd. forms a major E/W corridor and stretches from Mid-town to Mississippi. It is a heavily trafficked area consisting of retail, office, Schools, apartments and single family residential nearby.
Total Number of Buildings: 2
Number of Stories: 1
Year Built: 1983
Year Renovated: 2014
Roof Type: Hip
Construction/Siding: Brick, Wood Frame, Wood Siding
Exterior Description: Brick facade with wood eaves.
Parking Type: Surface
Parking Description: Open, paved parking.
Total Parking Spaces: 29
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: B2
Lot Frontage: 210
Lot Depth: 160
Water Service: Municipal
Sewer Type: Municipal
Legal Description: BEG AT INT OF TH N/L OF S 1/2 OF NE 1/4 OF SE 1/4 OF SEC 35 T4S R2W WITH E/L OF SEC 35 RUN W ALG N/L 647 FT TO PT TH S 01 DEG 15 MIN W 32.2 FT TO S/L OF COTTAGE HILL RD TO PT TH CONT W ALG S/L OF COTTAGE HILL RD DIS OF 66.2 FT TO POB TH S 01 DEG 15 MIN W DIS OF 160 FT TO PT TH SWLY & PAR WITH S/L OF COTTAGE HILL RD DIS OF 210 FT TO PT TH N 01 DEG 15 MIN E DIS OF 160 FT TO PT ON S/L OF COTTAGE HILL RD TH EWLY ALG THE S/L OF COTTAGE HILL RD DIS OF 210 FT TO POB #SEC 35 T4S R2W #MP28 07 35 4 000

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,611 78,618 189,917
Median Age: 33.66 36.28 36.65
Households: 4,924 32,878 77,285

Contact

Photograph of Listing Agent

Angela McArthur

Stirling Properties Mobile Gulf Coast CMLS Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.