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| Name: |
Holiday Office Park |
| Address: |
644 Linn Street, 801 W. 8th, 695 Gest Street |
| City: |
Cincinnati |
| State: |
OH |
| Price: |
$17500000 |
| Price/Sq ft : |
$50.33/square foot |
| Cap: |
7.54% |
| Description: |
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| Marcus & Millichap is pleased to bring to market this 3 building, 347,000 SF office portfolio located in the Central Business District of Downtown Cincinnati, OH. Downtown Cincinnati is home to the world headquarters for a variety major corporations including Proctor and Gamble, Kroger's Supermarkets, Macy's Department Stores, Western and Southern Financial Group, and Chiquita Bananas. The economy is highly diversified and is driven more by the finance and service sectors than manufacturing. The Cincinnati MSA recently surpassed Cleveland as the largest in the state, with $2.1 millionresidents. Cincinnati has an increasingly vibrant downtown as evidence by therecent ground breaking of The Banks, an $800 millions mixed-use development located less than a mile from the subject property. Western and Southern recently announced that it will be building the tallest building in the city to serve as its headquarters less than 2 miles away. The CBD has also seen the arrival of a large number of condominium developments and restaurants which have lured an increasing number of the cities young professionals and empty nesters.The Holiday Office Park offers an investor the opportunity to acquire a 347,000/sf office complex with solid in-place income and attractive vacancy upside. The offering is listed at a 7.54% cap rate and will generate an initial cash-on-cash return of 5.85% based on current market rate debt. The subject properties are currently 63% occupied, though overall occupancy in the market is at 80%. The offering ispriced at $50.33psf which is well below replacement cost.The complex offers ample surface parking and excellent highway access which enhance the the leasability the complex. Rental rates average $15/ft which is on the low end of the competitive market. |
Write an Offer Today! |
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