High-Yield Acquisition with Significant Lease-Up Potential

• Offered at $5.5M ($27.60/SF) with a 10.5% in-place Cap Rate at ONLY 47.4% occupancy.
• ±199,152 RSF multi-tenant office on ±9.99 acres; 9 stories plus basement.
• In-place tenancy of 48 tenants provides diversified income and reduces binary leasing risk during stabilization.

Clear Value-Add Lease-Up Opportunity

• Large, efficient floor plates accommodate both boutique tenants and larger anchor users, supporting broad leasing demand
• At ~75% occupancy, the property is projected to generate approximately $1.09 million in NOI, equating to an estimated ~19.8% cap rate on total cost.
• At ~90% occupancy, projected NOI increases to approximately $1.31 million, representing an estimated ~23.8% cap rate on cost.
• These scenarios imply a potential ~2.3x–2.9x increase in value relative to the going-in basis, excluding upside from redevelopment, historic tax credits, solar monetization, or alternative uses.

Historic Tax Credits & Strategic Redevelopment Plays

• 45% Historic Tax Credits: Historic designation provides a massive basis-reduction for residential conversion or capital improvements.
• Adaptive Reuse Potential: Ideal candidate for residential conversion or self-storage (basement/excess space) to diversify income streams.

Multiple Value-Add & Exit Strategies

• Incrementally increase occupancy and cash flow as a multi-tenant office asset by pushing rents to market, improving tenant mix, and re-tenanting floors over time without disrupting in-place income