Property Type: Office
Address: 3033 & 3055 Kettering Blvd.
Dayton, OH 45439
|CAP Rate: 10%|
Square Feet: 132,215
Tenancy Type: Mixed
Lease Type: Gross
*PLEASE E-MAIL SCROWE@COOPERGRP.COM or DCOOPER@COOPERGRP.COM TO REQUEST THE FULL OFFERING MEMORANDUM*
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in of the Point West Office Park Buildings II & III located in a highly desirable commercial corridor of Dayton, Ohio. The property has been significantly reduced to $7,120,000, which gives an investor has the opportunity to acquire a stable office complex in an economically developed area with still significant remaining upside through lease-up (84% occupied) of remaining vacant space. The two buildings are priced for an exceptionally low sales price under $54/S.F. The offering price represents a very attractive 10.00% CAP Rate, and with expected market-rate financing, year-1 cash-on-cash return is projected to be 19.38%.
The two prominent office buildings are considered the best in class in this submarket. They have great visibility, are positioned adjacent to one-another and connected through multiple driveways, parking lots and entrances for ease of access. In comparison to other office buildings in the area, the featured office buildings have moderate to low-end market rental rates making the attractive locations for perspective tenants and future additional upside for an investor.
The current diverse mix of tenants creates low risk of any significant tenant loss in either of the buildings, providing an investor with a very stable asset. The buildings are home to several tenants that have been at the location for many years, along with some newer tenants that have found an ideal location being located in the midst of the Dayton office corridor. The complex also caters to tenants with its highly-desirable on-site parking field, parking garage for Point West III tenants and is walking distance from a host of nearby amenities (directly adjacent to restaurants and other nearby retailers). Point West has been well-maintained and has prominent signage, along with recent improvements and upgrades including an after-hours access system with swipe cards, elevator upgrades and LED lighting. Another major attribute for tenants is the desirable location adjacent to major interstate artery, I-75 and within close proximity to I-675. I-75 is the main north–south highway serving the Dayton area, is one of the longest highways in the U.S. running from southern Florida to the northern tip of Michigan, and provides excellent access to the property. Traffic counts at the entrance/exit ramps of I-75 are in upwards of 104,000 vehicles per day (2 miles).
The office park’s position between Downtown Dayton and Cincinnati is also an advantage point for companies looking to have a presence is both markets, along with access to a large population base of over one million people in the Greater Dayton area. Point Office Park is located near one of Dayton’s most sought after submarkets, Kettering, the largest suburb of Dayton, which hosts additional amenities, including restaurants, hotels, retailers and executive housing. With the well-maintained buildings’ location near major highways in a densely populated region, the property gives an investor the opportunity to acquire an investment that is positioned to be a high-quality asset for many years to come.