Net Leased Office Condo Portfolio Investment Sale - PNPC

Office for Sale
Catylist Listing ID: 30765019
Property Subtypes: Office Building, Other
Condo? Yes
Building Size (RSF): 15,395 SF
Gross Building Area: 60,000 SF
Gross Land Area: 3.90 Acres
Sale Price: $4,260,000
Ceiling: 10 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Porters Neck Professional Center
Class of Space: Class A
Usable Size (USF): 15,395 SF
Core Factor: 20%
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/4/2021

Overview / Comments

Office Condo Portfolio Investment Sale! Four net-leased office condos for sale - available individually or a group or as a total package.
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Unit 1A
6,063RSF
$1,995,000
Tenant is UCG/Medac
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Unit 2B
3,054RSF
$850,000
Tenant is Friberg DDS
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Unit 2D
1,805RSF
$275,000
Tenant is PMG Research
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Unit 3B-R
4,473RSF
$1,140,000
Tenant is Samet Corporation
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Porters Neck Professional Center is a premier three-story condominiumized office building totaling approximately 60,000 Square Feet.

The property is located at 8115 Market Street in the dynamic Porters Neck submarket of Wilmington, North Carolina. The property has an excellent traffic pattern with a direct right-in, right-out access from Market Street and interconnectivity with the Bayshore Commons Shopping Center, which provides accessibility to a stoplight intersection. The property is zoned B-2 and located within the New Hanover County zoning district.

Current occupants in the building include UCG/Medac, EmergeOrtho, Wilmington Ear Nose & Throat, Benjamin Friberg, DDS, Matsumoto, DDS, PMG Research, Provis Media and Samet Corporation. The building was originally constructed in 2006 with a modern and attractive design by architect, Michael Kersting. The building contains three stairwells and two elevators servicing all floors. Additionally, there are approximately 238 parking spaces available onsite. A variety of lease and/or purchase opportunities are available.

The ICAM is estimated at $3.00prsf reconciled annually. Taxes are paid separately and directly by the condo owner. Tenants reimburse operating expenses to Landlord via TICAM.

Lease details available with signed CA (attached).

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County
Tax ID/APN: R03600-003-124-TBD (multiple)
Is Condo?: Yes
Zoning: B-2
Property Visibility: Excellent
Highway Access: I-140 via Hwy 17 (half mile)
Airports: ILM-Wilmington International Airport-20 minutes
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 20,000 SF
Year Built: 2005
Roof Type: Flat
Parking Type: Surface
Total Parking Spaces: 238
Passenger Elevators: 2
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Other
Internet Access: Cable
Zoning Description: B-2 in New Hanover County
Lot Frontage: 180 ft
Lot Depth: 975 ft
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,578 26,010 62,161
Median Age: 36.52 39.63 38.11
Households: 1,110 10,589 24,994
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