The subject property offers an incoming investor the opportunity to acquire an attractive, well maintined single-story office building in one of the fastest growing counties in the nation. The building is leased to the Federal Government and is currently used by the Internal Revenue Service as a document storage facility. In addition to the IRS, there is another tenant that uses the site as a staging ground for a moving company.
The building is priced at $70/ft, which is at least $30/ft below replacement. The property currently generates $5.47/ft of net rent which is dramatically below the market for office space in Boone County, Kentucky. The lease structure is typical of government leases and provides for a 90 day kickout that can be exercised at any time. In the event the tenant exercises this termination option, an incoming investor will have the opportunity to re-tenant the building at an increase over the current rent.
The building is located in the Northern Kentucky Industrial Park (NKIP) which is located on 1,161 acres. It is the largest industrial park located in the Cincinnati MSA. It is home to approximately 13 million square feet of industrial space with nearly 220 businesses and over 14,000 employees. Some of the prominent businesses located in the NKIP include Schwans Supply Chain, Duro Bag, Mubea, Mazak, Aristech Acrylics, Eagle Manufacturing, Fisher Scientific, KelloggÆs, Meritor Automotive, Ticona, Sweco, Thomson Learning, Johnson Controls, KECO Industries, LÆOreal USA, Image Point and many others. |
