925 Laney Walker Boulevard, Augusta, GA 30901

$1,388,000
16,095
SqFt

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.

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Listing courtesy of Sherman & Hemstreet Real Estate.