REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 4,980,000
Est. payment /mo
Active
1112 Gene Reed RD Birmingham, AL 35235
8,696 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 8,696 sqft
Price per Sqft $572
MLS Listing ID 168855
HOA Y/N No
Year Built 1985
Annual Tax Amount $27,207
Lot Size 1.210 Acres
Acres 1.21
Property Sub-Type Office
Property Description
Absolute NNN lease. Tenant vascular surgery center recently acquired by Grandview Health. Lease start date 10/6/21 for 10 year term with 2% annual rent increases. Current annual rent is $248,959.34 There are 5 renewal options for 3 years each. Tenant responsible for all operating expenses plus structural repairs. Value add opportunity with 1,162 sf surplus building (former pharmacy) that could be separated from main lease and then rented by to another tenant.
Based on an 80% improvement to total property ratio and MOB average cost seg percentages, first year bonus depreciation could be in the range of $1,593,000 to $2,390,400, depending on buyer's tax professional's advice.
Based on an 80% improvement to total property ratio and MOB average cost seg percentages, first year bonus depreciation could be in the range of $1,593,000 to $2,390,400, depending on buyer's tax professional's advice.
Location
State AL
County Jefferson
Area (13) Jefferson County
Direction Near Trussville, inside I-459 loop. Old nav systems might have address as 608 Gadsden Hwy, Birmingham. From BHM take 20/59 No and then stay on I-59 to Exit 134. At exit, take US 11N to property, slightly over 1 mile.
Interior
Fireplace No
Others
Tax ID 01-24-00-06-1-005-003.000
Listed by Butler Evans Real Estate, Inc.
NEARBY SCHOOLS & PROPERTIES