East Side Centre

Office for Sale
Sale Pending
Catylist Listing ID: 30321283
Property Subtypes: Office Building
Status: Pending
Building Size (RSF): 22,723 SF
Gross Building Area: See Agent
Sale Price: $1,150,000
Unit Price: $50.61 PSF
Property Use Type: Net Leased Investment (NNN)
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 100
Last Updated: 10/22/2018

Overview / Comments

The East Side Centre was built in 1890 as the original YMCA. It then went through a $1.8 million complete renovation in 1988. The building changed hand in 2007 and then went though another extensive renovation that included a new roof (lifetime/hail resistant shingle), new skylights, all new carpeting, painting, etc. Most HVAC units have been replaced in the past 5-8 years. The building is currently 100% occupied with 3 solid tenants and long-term leases in place. A $150,000 tenant build out is currently taking place and this is included in the purchase price. This Historic Landmark being located on the prime downtown corner in the center of the City. With the new City Market being built on the North side and the recent Standard Building restaurant and convention center located on the West side, this building is ideally located and should be a GEM for years to come!!

Additional Details

Nearest MSA: Rockford
County: Winnebago
Tax ID/APN: 11-23-379-014 / 11-23-379-010
Property Located Between: Madison St and Water St
Total Number of Buildings: 1
Number of Stories: 5
Typical SF / Floor: 5,000 SF
Year Built: 1890
Year Renovated: 2006
Roof Type: Domes
Construction/Siding: Block
Exterior Description: Solid Masonary
Parking Ratio: 8 (per 1000 SF)
Parking Type: Surface
Parking Description: 8 parking spaces - surface lot
Total Parking Spaces: 8
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Evaporative Cooler
Internet Access: Cable, DSL, T1/T3
Interior Description: Class A Office space.
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: Neighbor building air (AC) easement given

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,055 110,682 178,648
Median Age: 32.99 34.62 37.02
Households: 7,206 42,876 70,781

Contact

Photograph of Listing Agent

Richard Eckburg

Key Realty, Inc ICEx Member
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