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925 Laney Walker Boulevard

Augusta, GA 30901
  • $1,388,000
  • STATUS: Active
  • ON SITE: 48 Days
  • MLS #: 500249
UPDATED: 28 min ago
$1,388,000
  • 0
    BEDS
  • 0.75
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 16,095
    SQFT
  • $86
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
2004
County:
Area:

School Ratings & Info

Description

This 16,095 square foot Class A office building is ideal for an owner occupant who would like to use the rental income to cover the operating cost and mortgage for the building. Each floor is 5,365 square feet with their own bathrooms and conference rooms on each floor.The building was previously occupied by the city of Augusta's law department (2nd floor), water department (1st floor) and the housing and community development (HCD) offices (3rd floor).Currently the owner of the building is seeking to sell or lease the building, although a sale is preferred. The space is laid out ideally for owner occupant that needs a space with a large number of individual offices verses an open floorplan concept.The second floor was recently vacated and laid out with 19 individual offices and one large conference room. Both the first and third floors have current tenants occupying approximately 50% of the rentable space. The current income being produced is just over $80,000 with the potential to generate roughly $152,000 between the 1st and 3rd floors. The ideal scenario is for a user to occupy the second floor while using the first and third floors rental income to cover the expenses and mortgage for the entire building effectively making it very low cost or free to the end user.When the building was fully occupied expenses ran between $75,000 and $85,000 per year.The third floor consists of 17 individual offices, 1 common workspace and a large conference room. Individual office should rent for $400 to $500 per month. Current income is $3,445 per month with 9 offices vacant.The first floor currently has 3 tenants occupying 8 offices and a common workspace area. One customer service-oriented space is vacant. Current income is $3,265 per month.The second floor contains 19 private offices and one large conference room and was previously rented for $18 per SF per year full service. The market has softened some and current asking rent is $14.95 which would yield $6,683 per month.Building has an elevator and all mechanical systems are in tip top condition. Price recently reduced by $200,000. Building has an elevator and all mechanical systems are in tip top condition. The current income being produced is just over $80,000 with the potential to generate roughly $152,000 between the 1st and 3rd floors. The ideal scenario is for a user to occupy the second floor while using the first and third floors rental income to cover the expenses and mortgage for the entire building effectively making it very low cost or free to the end user.When the building was fully occupied expenses ran between $75,000 and $85,000 per year.

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IDX information © 2022 Greater Augusta Association of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed by the MLS or Shaw & Scelsi Partners | Meybohm Real Estate. Data last updated 2022-05-20T09:55:44.687.
www.realestateofaugusta.com/homes/127307431
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925 Laney Walker Boulevard Augusta, GA 30901

  • Price: $1,388,000
  • Status: Active
  • On Site: 48 Days
  • Updated: 28 min ago
  • MLS #: 500249
0
Beds
0
Baths
0
½ Baths
0.75
Acres
16,095
SQFT
$86
$/SQFT
2004
Built
Neighborhood:
Laney Walker
County:
Richmond
Area:
Augusta
Property Description
This 16,095 square foot Class A office building is ideal for an owner occupant who would like to use the rental income to cover the operating cost and mortgage for the building. Each floor is 5,365 square feet with their own bathrooms and conference rooms on each floor.The building was previously occupied by the city of Augusta's law department (2nd floor), water department (1st floor) and the housing and community development (HCD) offices (3rd floor).Currently the owner of the building is seeking to sell or lease the building, although a sale is preferred. The space is laid out ideally for owner occupant that needs a space with a large number of individual offices verses an open floorplan concept.The second floor was recently vacated and laid out with 19 individual offices and one large conference room. Both the first and third floors have current tenants occupying approximately 50% of the rentable space. The current income being produced is just over $80,000 with the potential to generate roughly $152,000 between the 1st and 3rd floors. The ideal scenario is for a user to occupy the second floor while using the first and third floors rental income to cover the expenses and mortgage for the entire building effectively making it very low cost or free to the end user.When the building was fully occupied expenses ran between $75,000 and $85,000 per year.The third floor consists of 17 individual offices, 1 common workspace and a large conference room. Individual office should rent for $400 to $500 per month. Current income is $3,445 per month with 9 offices vacant.The first floor currently has 3 tenants occupying 8 offices and a common workspace area. One customer service-oriented space is vacant. Current income is $3,265 per month.The second floor contains 19 private offices and one large conference room and was previously rented for $18 per SF per year full service. The market has softened some and current asking rent is $14.95 which would yield $6,683 per month.Building has an elevator and all mechanical systems are in tip top condition. Price recently reduced by $200,000. Building has an elevator and all mechanical systems are in tip top condition. The current income being produced is just over $80,000 with the potential to generate roughly $152,000 between the 1st and 3rd floors. The ideal scenario is for a user to occupy the second floor while using the first and third floors rental income to cover the expenses and mortgage for the entire building effectively making it very low cost or free to the end user.When the building was fully occupied expenses ran between $75,000 and $85,000 per year.
Exterior Features

Exterior Features None Lot Features Corner LotLevelShopping Nearby Lot Size Dimensions 181X192 Other Structures None Parking Features Parking LotPaved Road Frontage Type City Street Road Surface Type AsphaltPaved Roof Pitched Structure Type Office

Interior Features

Electric 220 Volts

Property Features

Business Type Professional/Office Current Use Office Development Status Other Improvements CurbsSidewalks Land Options Included Listing Terms CashConventional Ownership Individual Possible Use Commercial Property Sub Type Office Restrictions Other Sale Includes Other Sewer Public Sewer Special Listing Conditions Not Applicable Tenancy Multiple Triple Net YN No Utilities Electricity ConnectedSewer ConnectedWater Connected Water Source Public Zoning B-2

Listing courtesy of Sherman & Hemstreet Real Estate.


IDX information © 2022 Greater Augusta Association of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed by the MLS or Shaw & Scelsi Partners | Meybohm Real Estate. Data last updated 2022-05-20T09:55:44.687.
 
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