3154-3156 College Dr, Baton Rouge, LA 70808
36,720 SF | 100% Leased | Flex Building | Baton Rouge, LA 70808 | $3,200,000 ($87/SF) | 6.99% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,200,000
- Property Type
-
Industrial
- Price / Square Foot
- $87
Listing Contacts
Bryant Butler
Verified Profile
- Property Info
Property Overview
College Drive Service Center is an infill flex industrial acquisition opportunity conveniently located on College Drive with direct access to I-10, College Dr, and Perkins Rd. The Property is 100% occupied consisting of 2 buildings totaling 25 suites with a gross leasable area of 36,720 SF. There are four retail suites (±3,600SF) and 21 office/warehouse suites (±33,120 SF).
Ownership recently signed new NNN leases with 10 tenants, representing 66% of the GLA. With a weighted average lease term of ±1.36 years and rents approximately 20 - 30% below market, there is a mark-to-market value add opportunity with stable cash flow in the immediate term. Further value can be derived from converting the remaining leases to NNN and from interior/exterior renovations.
The Property is situated on a 1.75-acre tract. Individual warehouse suites measure between 1,260 - 2,000 SF with a ±20/80 office to warehouse ratio. Each warehouse suite features a grade-level door. Retail suites range from 1,000 - 1,600 SF.
Ownership recently signed new NNN leases with 10 tenants, representing 66% of the GLA. With a weighted average lease term of ±1.36 years and rents approximately 20 - 30% below market, there is a mark-to-market value add opportunity with stable cash flow in the immediate term. Further value can be derived from converting the remaining leases to NNN and from interior/exterior renovations.
The Property is situated on a 1.75-acre tract. Individual warehouse suites measure between 1,260 - 2,000 SF with a ±20/80 office to warehouse ratio. Each warehouse suite features a grade-level door. Retail suites range from 1,000 - 1,600 SF.
Property Details
- Class
- C
- Year Built
- 1985
- Stories
- 1
- Property Subtype
- Flex, Distribution, Storefront, Warehouse
- Lot Size (sq. ft)
- 76,230 SF
Highlights
- Rare, Infill Location for Flex Industrial Product
- Low WALT (±1.36 Years)
- 66% of GLA Recently Converted to NNN Leases
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