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| Name: |
Blue Ash Corporate Center |
| Address: |
4300 Glendale Milford Road |
| City: |
Cincinnati |
| State: |
OH |
| Price: |
$10700000 |
| Price/Sq ft : |
$124/square foot |
| Cap: |
8.47% |
| Description: |
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| Marcus & Millichap is pleased to bring to market this fully renovated, 86,000 SF office property in Cincinnati, OH. The project is located just minutes away from Interstate 71 in one of Cincinnati's finest submarkets, Blue Ash. The subject property is situated in a densecommericial district that features a variety of offices, hotels and restaurant. Plans are underways for a $1B multi-use development directly across the street from the site on land currently occupied by the Blue Ash Municipal Airport (see aerials). Additionally, residential neighborhoods within close proximity are among the most affluent in the Cincinnati MSA. The 5-mile population tops 150,000 people with an average household income of $61,000/yr household incomes. The 1-mile household income tops $105,000/yr The subject property is currently operating at a 93% occupancy. Two new leases were signed in 2007 at $13/ft and $14/ft (modified gross) which is below the market. Barriers to entry in the Blue Ash market are very high due to the high cost and shortage of available land. The property is being sold at a 8.47% Cap rate which will generate a 11.37% cash on cash return based on current market debt. A variety of highly qualified management and leasing companies (including the current landlord) would be available to out-of-area owners seeking passive cash flow. There is no lease rollover until 2011 which supports the predictability of the income stream and ease of ownership. The property is also ideally positioned for long-term appreciation due to the historical strength of the market and its position amongst some of the cities wealthiest residential neighborhoods. |
Write an Offer Today! |
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| The representations contained on this internet page are provided based on information deemed reliable. However, the same has not been independently verified. Principals are advised to conduct a thorough due diligence for any potential transaction. Marcus & Millichap Real Estate Investment Brokerage Company's name and logo are used herein for information purposes only. |
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