Office building currently leased to a dentist. There is also a small apartment in the rear of the building currently rented for $450.00 per month. Rent for main building is $2,410 per month increasing to $2,460 June of 2015. Current tenant is an active dentist in his 4th year of the lease. He has 2 years remaining and a 4 years option to renew. Tenant has right of first refusal but has turned down the current owners offer to sell. Tenant pays Taxes, Insurance and most operating expenses. Location is within the Phillippi Creek Septic Sewer Replacement program. At this time the owner is paying the water bill but no other operating expenses thus the annual NOI is slightly under $34,320.* Thus the Cap Rate is 10.5% * includes apartment at $450 per month.
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Median rate is a number derived from the median rate of listings posted on 42floors and reports from thought leaders in the area.