101,560 square foot suburban office building with 18 spaces located in the Maitland Center Office Park in Maitland, Florida. The property is an institutional-quality asset, with three floors, three elevators and suites ranging in size from 1,200 up to entire floors of 35,000 square feet. We were able to acquire the property at $83.00 per square foot, substantially below the market average of $125.00 and well below replacement cost of $220.00 per square foot. In the re-positioning plan, we will be upgrading functionally deficient spaces and improving the look and feel of the common area and restrooms. This property had lower rental rates and occupancy. The focus will be on the upgrades and then consistent marketing to increase the net operating income.
* SQUARE FEET: 101,560
* ACQUISITION DATE: February 2018
* ACQUISITION PRICE: $8,500,000
* RENOVATION COSTS: $960,000