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Office

8800 Governors Hill Drive

8800 Governors Hill Dr, Cincinnati, OH 45249

Listing Price: $2,250,000

Cap Rate
8.25%
Gross SF
28,705
Rentable SF
28,705
Price/Gross SF
$78.38
Lot Size
2.13 acres
Year Built
1984

Investment Overview

Marcus & Millichap is pleased to present to market 8800 Governors Hill in Cincinnati, Ohio, a two-story 28,705 square foot, value-add Class “B” multi-tenant office building. 8800 Governors Hill is situated directly along Interstate 71 in the Mason-Montgomery office submarket of Cincinnati, OH and currently sits at 51% occupied in a submarket that is has a vacancy rate around 15%. The Subject Property is positioned in the Governors Hill Office Park with immediate access to and visibility along Interstate 71, making it uniquely positioned to capture Tenant demand in a location that has redevelopment starting in the immediate area and strong leasing activity as Tenants continue to migrate to suburban office locations. Market: 8800 Governors Hill is located in the northeast quadrant of the Cincinnati Metropolitan Statistical Area in the Mason-Montgomery submarket which is just northeast of Interstate 275 which surrounds the City. Cincinnati is one of the 30 top MSAs in the United States with a population over 2.2 million people, and the Mason-Montgomery office submarket houses about 7.5 million square feet of office space with growing rental rates and strong leasing activity due to many office users looking for smaller suburban locations. Location: 8800 Governors Hill is very well located in the Governors Hill Office Park along Interstate 71 on the southeast corner just off the Fields Ertel Road interchange, which houses tons of retail and restaurant options as well as hotels, multi-family, and singe-family neighborhoods all around the Subject Property. Within this office park, 8800 Governors Hill is perfectly situated along Interstate 71 with excellent visibility which gives this Property an excellent competitive advantage in the lease-up potential for the value-add investor. Property Features: 8800 Governors Hill is a very rare value-add office property in that it has a credit-tenant anchor occupying the whole second floor on a very below-market NNN lease thru 2025, ample parking, tremendous visibility along a major highway, and easy access to numerous major commercial and residential corridors such as Fields Ertel Road, Mason Road, and Montgomery Road in addition to Interstate 71. The existing vacancy is also all of the main floor space that can be leased as one unit – as it has been historically – or can be demised for multi-tenant users. Lease Up Potential: 8800 Governors Hill is one of the rare multi-tenant, class “B” office buildings that features a credit-tenant anchor in Verizon Wireless on the second floor at a well-below-market NNN rate and has up to as much as 13,542 square feet of contiguous space to lease up all on the main floor. The In addition to main floor vacancy and flexible layouts and size options for prospective tenants, the Subject Property can offer tenants the rare amenity of building signage along a major highway.

Investment Highlights

  • Rare 28,705 Square Foot, Value-Add Office Building Located in Cincinnati, OH
  • Well Below Replacement Costs at Only $80 per Square Foot
  • Anchored by Verizon Wireless Occupying ~50% of the GLA all on the Second Floor on a Below-Market NNN Lease
  • Flexible Vacancy Layout All on Main Level Perfect for Single or Multi-Tenant Users
  • Excellent Access and Visibility Along Interstate 71 on the Northeast Side of Cincinnati
  • Perfectly Situated Amongst Many Retail, Restaurant, and Hospitality Amenities

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s) OH: BRK.2007005898

    Ohio

Office

8800 Governors Hill Drive

Listing Price: $2,250,000

Cap Rate
8.25%
Gross SF
28,705
Rentable SF
28,705
Price/Gross SF
$78.38
Lot Size
2.13 acres
Year Built
1984

Investment Highlights

  • Rare 28,705 Square Foot, Value-Add Office Building Located in Cincinnati, OH
  • Well Below Replacement Costs at Only $80 per Square Foot
  • Anchored by Verizon Wireless Occupying ~50% of the GLA all on the Second Floor on a Below-Market NNN Lease
  • Flexible Vacancy Layout All on Main Level Perfect for Single or Multi-Tenant Users
  • Excellent Access and Visibility Along Interstate 71 on the Northeast Side of Cincinnati
  • Perfectly Situated Amongst Many Retail, Restaurant, and Hospitality Amenities

Investment Overview

Marcus & Millichap is pleased to present to market 8800 Governors Hill in Cincinnati, Ohio, a two-story 28,705 square foot, value-add Class “B” multi-tenant office building. 8800 Governors Hill is situated directly along Interstate 71 in the Mason-Montgomery office submarket of Cincinnati, OH and currently sits at 51% occupied in a submarket that is has a vacancy rate around 15%. The Subject Property is positioned in the Governors Hill Office Park with immediate access to and visibility along Interstate 71, making it uniquely positioned to capture Tenant demand in a location that has redevelopment starting in the immediate area and strong leasing activity as Tenants continue to migrate to suburban office locations. Market: 8800 Governors Hill is located in the northeast quadrant of the Cincinnati Metropolitan Statistical Area in the Mason-Montgomery submarket which is just northeast of Interstate 275 which surrounds the City. Cincinnati is one of the 30 top MSAs in the United States with a population over 2.2 million people, and the Mason-Montgomery office submarket houses about 7.5 million square feet of office space with growing rental rates and strong leasing activity due to many office users looking for smaller suburban locations. Location: 8800 Governors Hill is very well located in the Governors Hill Office Park along Interstate 71 on the southeast corner just off the Fields Ertel Road interchange, which houses tons of retail and restaurant options as well as hotels, multi-family, and singe-family neighborhoods all around the Subject Property. Within this office park, 8800 Governors Hill is perfectly situated along Interstate 71 with excellent visibility which gives this Property an excellent competitive advantage in the lease-up potential for the value-add investor. Property Features: 8800 Governors Hill is a very rare value-add office property in that it has a credit-tenant anchor occupying the whole second floor on a very below-market NNN lease thru 2025, ample parking, tremendous visibility along a major highway, and easy access to numerous major commercial and residential corridors such as Fields Ertel Road, Mason Road, and Montgomery Road in addition to Interstate 71. The existing vacancy is also all of the main floor space that can be leased as one unit – as it has been historically – or can be demised for multi-tenant users. Lease Up Potential: 8800 Governors Hill is one of the rare multi-tenant, class “B” office buildings that features a credit-tenant anchor in Verizon Wireless on the second floor at a well-below-market NNN rate and has up to as much as 13,542 square feet of contiguous space to lease up all on the main floor. The In addition to main floor vacancy and flexible layouts and size options for prospective tenants, the Subject Property can offer tenants the rare amenity of building signage along a major highway.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s): OH: BRK.2007005898

    Ohio

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