|Gross Leasable Area (GLA)||30,000 Sq.Ft.|
|Price Per Square Foot (GLA)||$140|
|Lot Size||3.51 Acres|
Marcus & Millichap is pleased to offer for sale the Magnolia Green 8 building in the heart of Lakewood Ranch (Sarasota), FL.
The Magnolia Green 8 building was constructed in 2006 and is currently 88% occupied to a strong mix of local and national tenants. It consists of 30,010 square feet and offers tenants the convenience of a first floor, direct entry building with parking directly in front of their individual office space. Current income produces a cap rate of 8.49% at list price offering a high return for a property of this caliber and construction.
The property is ideally located less than one mile from Interstate 75 in the affluent high income district of Sarasota. The property is surrounded by a population of 86,337 people within 5 miles and hosts gourmet and family-friendly restaurants, A-Rated schools, unique shops and boutiques, business parks, sate of the art medical centers, three different masterfully designed golf courses, fitness centers, aquatics, 18 lighted tennis courts and even Polo and Cricket clubs.
This asset provides investors with a stable, income producing property with upside through increased occupancy as well as a generous return on existing income. It offers little to no deferred maintenance considering it was built in 2006 and offers a potential five year cash on cash return of over 17%.
First Vice President Investments