Investment Property in heart of Downtown Plattsburgh!
PRICE REDUCED from $950,000 to $799,000
-15,000 sq. ft. multi-level (3-4 stories) Professional Offices/Retail with access on Durkee and Margaret Streets
-Charming Office space with a great deal of exposed brick walls and windows.
-Currently 90% leased to 8 different tenants. Tenants include: NYS Attorney General, a Physician, Weight Watchers, Hospice, MetLife, Engineering firm, and a book-keeping firm. Lease expiration dates range from late 2009 to 2017. Two suites are currently vacant (1200 sq ft and 450 sq. ft).
-Building has all phone and fiber optic cable throughout.
-Building is well kept. Originally a large retail store, it was completely gutted and totally renovated in early 1990's with regular updates since then.
-Each unit is seperately metered for electric.
-HVAC systems are seperate for each unit. Heat is electric as City of Plattsburgh has the lowest electrical rates in the nation.
-Well maintained Elevator along with emergency stairways for accessible by all tenants and rooftop safety hatch as well.
-Membrane roof that has been recently re- coated wirh polymer coating.
-Building is sprinklered.
-Ave gross Income for last 5 years is $140,000 +/-. 2009-2010 expected to be $155,000+/-. Average Net Income to owners has been $100,000 +/-.
-Building is adjacent to city parking lot with hundreds of parking spaces. A new high end professional office building was built nearby and in less than 1.5 years it is 90% leased up at $13 per foot plus CAM's.
-Asking Price $799,000-- Owners are anxious to sell!
