I am looking at purchasing a 5 story office building in Jacksonville. It is 77,344 total sq ft and built in 1975. Part of it is under renovation but the owner stopped and is selling it as it. Currently it is only 15% occupied. The ARV on this property is $4,490.000 and I can buy it for $1,274,000 but it will require about $1.3 mill in rehab to get all the units ready for sale.
I am trying to find info on traffic counts and other area info about the property that is relevant to an office building. Where is the best place to find this?
Web site provides traffic count sites and historical data. Traffic data updated each April.
Is it 15% occupied by owners or renters? Will you do legal work to make it office condos as opposed to office apartments? Sounds like a deal, good luck!
Thanks for your input. Renters. The plan is to continue to fix it up and rent the units as office.
You could meet a lease up office SIOR broker for lunch and they might give you those stats and a lot more just to see if they can bring tenants to the building and get a leasing commission.
With the DOT traffic pay attention to traffic counts on both sides of the street and how much annually traffic is increasing,staying the same each year, or decreasing.
Available parking spaces from your office tenants might be an issue. Look at walk ability from your building to their homes, restaurants, shopping etc.
Thanks. There's plenty of parking for the tenants.
Look for land widening projects in the area. Sometimes you can lose parking and also your tenants can suffer while the construction is ongoing.
The property is set way back in the property. The street is currently a 2 lane road and because it is offset from the main road I don't think it will ever be widened.
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