DESCRIPTION: JP MORGAN CHASE BANK BUILDING, BUILDING SIZE- 43,726.SF, 14 PARKING SPACE. HAS 12,500 SF VACANT SPACE ON 3RD FLOOR IDEAL FOR PROFESSIONAL SERVICES TENANT. LEASES & FINANCIAL SUMMARY: TERM: 15 YEARS LEASE INCEPTION: 8/8/2007 LEASE EXPIRATION: 8/31/2022 CURRENT RENT: $ 21,667/MONTH & 2% INCREASE ANNUALLY EVERY OCTOBER RENEWAL OPTION: (4) 5-YEARS OPTIONSAT 95% OF MARKET. INCOME EXPENSES: BASE RENT: $ 260,004. NET OPERATING INCOME: $ 141,000. OPERATION EXPENSES: LANDLORD IS RESPONSIBLE FOR ALL ASPECTS OF OPERATING & MAINTAINING THE PROPERTY. THIS INCLUDES BUT NOT LIMITED TO REAL ESTATE TAXES, UTILITIES, JANITORIAL, INSURANCE AND OTHER STANDARD OPERATING EXPENSES. JP MORGAN CHASE IS RESPONSIBLE FOR PRO RATA SHARE OF TAXES AND OPERATING EXPENSES OVER BASE YEAR AMOUNT. OFFERING 7 ½ % Cap –$ 1,880,000.
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