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Financial Overview
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230 N 2nd Street offers a compelling value proposition for both users and investors seeking well-located urban commercial real estate.
At the anticipated pricing guidance, investors can target an attractive going-in yield with upside through:
Bringing under-market leases to current rates
Re-tenanting or reconfiguring space to higher-value uses over time
Modest cosmetic and branding upgrades that further highlight the building’s unique character.
Based on achievable pro forma rents, the list price equates to an attractive 7.24% cap rate.
Unit Information
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Approx SF: 4,000
Current Annual Rent: $64,260
Pro Forma: $84,000Current Rent/SF: $16.07
Pro Forma: $21.00
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Approx SF: 1,800
Current Annual Rent: $24,960
Pro Forma: $33,750Current Rent/SF: $13.87
Pro Forma: $18.75
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Approx SF: 1,800
Current Annual Rent: $18,900
Pro Forma: $28,800Current Rent/SF: $10.50
Pro Forma: $16.00
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Approx SF: 3,000
Current Annual Rent: $24,000
Pro Forma: $56,250Current Rent/SF: $8.00
Pro Forma: $18.75
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Approx SF: 4,000
Current Annual Rent: $55,200
Pro Forma: $75,000Current Rent/SF: $13.80
Pro Forma: $18.75
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Approx SF: 4,500
Annual Rent Pro Forma: $84,000
Rent/SF Pro Forma: $18.67
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Approx SF: 2,000
Current Annual Rent: $32,400
Pro Forma: $37,500Current Rent/SF: $16.20
Pro Forma: $18.75
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Approx SF: 2,400
Current Annual Rent: $39,000
Pro Forma: $39,000Current Rent/SF: $16.25
Pro Forma: $18.75
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Pro Forma: $96,000
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Approx SF: 9,000
Annual RentvPro Forma: $24,000
Rent/SF Pro Forma: $2.67
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Current:
Total Gross Rent: $258,720
Owner Expenses (reduced by tenant charges): $49,337
Net Operating Income: $209,383
Pro Forma:
Total Gross Rent: $558,300
Owner Expenses (reduced by tenant charges): $15,109
Net Operating Income: $543,191