1920 S Rhodes St
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1920 S Rhodes St
3,692 SF Office Building Rochester, IN 46975 £260,488 (£71/SF) 9.29% Net Initial Yield
Investment Highlights
- Single-tenant gross lease with state-guaranteed Tenant
- Owner has invested over $110,000 in the property over the last four years including a new roof and parking lot
- Tenant has operated at the facility for over thirty years and has five years of term remaining with options to extend
- Property is exempt from real estate taxes as a product of having a government tenant
Executive Summary
1920 Rhodes St is a 3,692 SF single-tenant office building occupied by the Indiana Department of Child Services. The tenant has been in the space for over thirty years and has recently renewed through 2029 with an option to renew for an additional four years. The tenant pays $15.75/SF gross, where landlord covers insurance, utilities, and general maintenance (the property is real estate tax exempt). The property is located on the south side of Rochester, IN, just off of Main St with good access to local amenities and US 31. The building features multiple private offices, open cubicle space, breakroom, conference room, reception area, and four private restrooms, along with an attic for additional storage.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
3,692 SF
Building Class
C
Year Built
1993
Price
£260,488
Price Per SF
£71
Net Initial Yield
9.29%
NOI
£24,212
Tenancy
Single
Number of Floors
1
Typical Floor Size
3,692 SF
Building FAR
0.04
Lot Size
2.00 AC
Zoning
GC-General Commercial
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PROPERTY TAXES
| Parcel Number | 25-07-93-100-002.010-009 | Improvements Assessment | £176,410 |
| Land Assessment | £36,468 | Total Assessment | £212,878 |
PROPERTY TAXES
Parcel Number
25-07-93-100-002.010-009
Land Assessment
£36,468
Improvements Assessment
£176,410
Total Assessment
£212,878
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1920 S Rhodes St
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