The Trinity Office Building is a very attractive modern multi-tenant office building built in 2009. It is fully occupied with 5 separate tenants (including owner who will lease back for 5 years with a 5-year renewal option). Based upon Gross Scheduled Rents of $135,588 / year (i.e. current rents of $11,299 / month) the asking price represent a 7.03% Capitalization Rate. With a 30% down payment + estimated 2% closing costs the Cash on Cash rate of return is projected to be 8.47% (based upon a 3.90% fixed for 5 years interest rate, a 25-year amortization schedule, a 5-year interest rate reset and a 10-year balloon/refinance. With said financing the debt coverage ratio is 1.6 and the cash flow before taxes + principal reduction over the first year of the loan is eqaul to 4.33% of the listed price of $1,375,000. Beautiful 'Pride of Ownership' property located within 2 blocks of City Hall, 1 block from City's primary arterial, Robertson Boulevard and across the street from the Camarena Health Center and the Family Resources Center. There is parking behind the building off of the alley and also the building has 9 designated parking spaces in the City Maintained Public Parking Lot across 4th Street from the building.
|--||New Value: $1,375,000|
|2/1/2020 1:17:02 PM||New Value: $1,375,000|
|1/20/2020 6:49:00 PM||New Value: $1,225,000|