The Juneau Job Center, also known as Willow Park, is for sale at a great price. This facility is fully-leased to the State of Alaska and throws off lucrative and steady cash flows. Additional revenue is realized from the coffee stand and food cart operations.
A brand new 10-year lease with the State and an assumable loan at a low interest rate make this an attractive investment. Now for the details:
The Building: Willow Park is a 54,500 SF lot at 10002 Glacier Highway, developed with a 3-story office building, plus penthouse. The improvement is a gross 19,634 square foot building with net rentable area of 15,260 square feet. There is 1 elevator. There are 4 sets of men’s and women’s restrooms, 1 set per floor in the common areas, plus a staff-only set on the second floor. There is also a full bathroom in the penthouse, which is unoccupied.
Parking: There are 56 parking spaces.
The Tenants: There is a single tenant, the State of Alaska, within the building. On August 1, 2017 a new 10-year firm-term lease was begun which will expire July 31, 2027. In the parking lot there are two ground leases, one a food cart and the second a coffee stand.
The Financing: Refinancing was recently completed with a 90% AIDEA loan and 10% Northrim Bank loan. The 90% AIDEA funding is fixed at 3.95% for the 20-year term. The 10% Northrim funding is a 15-year term and variable interest rate. Total debt is $1,500,000. The debt cover ratio is 1.95. The debt is fully assumable.
The Price: $2,100,000 per the 2017 appraisal.
*A full cash flow model of the building with historical costs and new lease rental rates is available with a signed non-disclosure agreement
Recent History of Building Improvements:
2007: Decommissioned buried fuel tank and replaced with above ground tank
2008: Installed membrane Roof
2008: All windows Replaced in conjunction with a building envelope examination, new floor finishes, paint, etc.
2009: Rebuilt the Mechanical Room with new Weill Mclain Boilers and Taco Circ Pumps
2009: Connected to CBJ sewer system, abandoned on-site treatment plant
2012: Building Automation installed
2016: Elevator motor and pump replaced
2016: Marmoleum installed in two of the three kitchen areas
2017-18: ADA improvements will be ongoing in 2017 and early 2018
Disclosure: The owner of this property is a licensed real estate broker in Alaska.
|Address:||10002 Glacier Hwy.|
|Lot Square Feet:||54,513 (1.25 acres)|