Net Leased Office Building for Sale 2970 Chapel Valley Rd., Fitchburg, Wisconsin

Transcription

1 Net Leased Office Building for Sale 2970 Chapel Valley Rd., Fitchburg, Wisconsin John Walsh Lee & Associates of Madison, WI (608) Mike Osborne Madison Commercial Real Estate (608) Ext. 22

2 Investment Summary Property Overview Property Type: Office Building Building 24,954 Sq. Ft. Land Size (Acres): 2.03 Year Built: 2002 Zoned: G2 Investment Highlights Offering Price: $2,600,000 Financial Analysis/Pricing For the Year Ending December 2017 Potential Gross Revenue $323,452 Base Rental Revenue $325, Operating Expenses RE Tax (2016) $58,577 CAM $133,153 Insurance* $7, Management Fees* $12,000 Total Operating Expenses $199,674 (Excludes Mgmt. Fee) Net Operating Income $125,450 *Included in CAM

3 Lease Abstracts & Tenant Overviews Tenant A 3,406 Sq. Ft. Rent Commencement: 1/1/2014 Proposed Expiration Date 6/30/2019 Term Remaining: 18 Months Lease Type: Modified Gross (Tenant in-suite Elec./Jan.) Renewal Options: None 2017 Annual Rent: $67, Rental Increases: 3% Annual Tenant B 4,864 Sq. Ft. Rent Commencement: 5/1/2012 Proposed Expiration Date 4/30/2018 Term Remaining: 4 Months Lease Type: Gross Renewal Options: Not Excersizing 2017 Annual Rent: $81, Rental Increases: None Tenant C 5,545/Sq. Ft. Rent Commencement: 6/16/12 Proposed Expiration Date 9/30/2021 Term Remaining: 45 Months Lease Type: Modified Gross (Tenant in-suite Elec./Jan.) Renewal Options: (2) 3-year options 2017 Annual Rent: $99, Rental Increases: Adjustable (See Rent Schedule) Tenant D (Vacant) 1,967 Sq. Ft. Rent Commencement: Proposed Expiration Date Term Remaining: Lease Type: Renewal Options: 2017 Annual Rent: Rental Increases:

4 Lease Abstract Cont./Investment Highlights Tenant E 4,500 Sq. Ft. Rent Commencement: 3/1/2017 Proposed Expiration Date 2/28/2024 Term Remaining: 74 Months Lease Type: Gross Renewal Options: Two 5 Year Options 2017 Annual Rent: $52, Rental Increases: 2% Annual Desirable Madison Market Affluent demographics with an average household income of nearly $66,819 within a 5 mile radius of the subject property. Madison s unemployment rate is only 2.7% vs. National average of 4.9%. Madison Tops in many rankings # top healthiest - Livablility.com # best places to live - Livablility.com # best cities for people 35 and younger - Livablility.com # best cities for families - WalletHub.com Housing demand at an all time high - in 2014 alone, a total of 5,300 new units were approved/built/under construction. Dynamic job growth - Epic Systems, the dominant electronic health records software company, hired and additional 2,000 employees in just the past few months. Approximately 70,000 students within the surrounding primary market area attend the University of Wisconsin, Edgewood College and Madison College.

5 Property Photos

6 Aerial Highland Way McKee Rd. Chapel Valley Rd. Site Fish Hatchery Rd.

7 Demographics Radius 1 Mile 3 Mile 5 Mile 2021 Projection 10,467 62, , Population 9,901 58, , Census 9,309 53, ,076 Households: 2021 Projection 4,341 25,894 77, Households 4,101 24,301 73, Census 3,845 21,903 67, Owner Occupied 2,109 12,845 32, Renter Occupied 1,992 11,456 40, Average Household Income $98,186 $78,813 $73, Income by Household: <$25, ,924 19,762 $25,000 - $50, ,999 16,340 $50,000 - $75, ,153 11,411 $75,000 - $100, ,220 8,027 $100,000 - $125, ,836 6,059 $125,000 - $150, ,068 3,328 $150,000 - $200, ,701 4,347 $200, ,401 3,940 Site

8 Area Overview Madison, WI Madison is the capital of the State of Wisconsin and the county seat of Dane County. As the urban center of the region, Dane County is home to the state s capital in the City of Madison, the University of Wisconsin flagship campus, the world-class Overture Center for the Arts, and an abundance of parks, lakes, and unique neighborhoods. Home to the fastest growing population of any county in Wisconsin, Dane County boasts a highly educated workforce to power its diverse and innovative industries. With assets in information technology, life sciences, and agriculture, Madison and Dane County consistently rank among the top communities for work and play. Madison is the second largest city in Wisconsin, after Milwaukee, and the 83rd largest in the United States. The main downtown thoroughfare is State Street, a cultural focal point of the city, which links the University of Wisconsin campus with the State Capitol Square, and is lined with restaurants, espresso cafes and shops. Madison is also home to a number of historical sites and popular festivals, including the Rhythm and Booms celebration, the largest fireworks display in the Midwest as well as the Great Tate of the Midwest craft beer festival, the second longest running such event in North America. In winter months, sports enthusiasts enjoy ice boating, ice skating, ice fishing, cross-country skiing, ice hockey and snow-kiting. Diverse Employers The Wisconsin state government and the University of Wisconsin-Madison remain the top two dominant economic influences within the city. However, Madison s economy today is evolving from a government-based economy to a consumer services and high-tech base, particularly in the health, biotech and advertising sectors. Many businesses are attracted to Madison s skill base, taking advantage of the area s high level of education. Over 48% of Madison s population over the age of 25 holds at least a bachelor s degree. The Madison Region is a key part of the overall market footprint. As the location of the State Capitol and a world class university, Madison and its surrounding regions have demonstrated significant growth. Dane County is 10% of the overall state population and maintains 12% of the jobs in the state and over the past 15 years has created over 16% of the new businesses in the state. Madison is ranked in the Top 5 Cities for IT Jobs as well as a Top Innovation city. Gary Schafer, EVP, Madison Market President Associated Bank

9 Disclosure