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Office

Triad East

10200 Linn Station Rd, Louisville, KY 40223

Listing Price: $8,975,000

Cap Rate
7.72%
Gross SF
91,650
Rentable SF
91,650
Price/Gross SF
$97.93
Lot Size
5.84 acres
Year Built
1982

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present to market for sale the Triad East Office Building of Louisville, Kentucky. As the 2nd largest city in Kentucky, Louisville operates as a port city providing for minimal ground-up, competitive development opportunities and is a highly coveted Midwest Submarket, it is also the 29th most populous city in the United States.

Constructed in 1983, The Triad East Office Building is a 94,872 square-foot multi-tenant office building, spanning 3 stories tall and sits on 5.84 acre parcel. Triad East is located just off I-64 in one of Louisvilles premier Eastside office parks in an established Louisville submarket, offering exterior signage with high visibility and exposure over 95,000 cars per day. The Subject Property services the needs of the local submarket, operating at 83% occupancy with a diversified tenant-mix and the two Anchor Tenants in 62% NLA having recently executed early lease extensions. Additionally, within the past year, the Subject Property has undergone substantial capital improvements such as a new roof, window work, and a complete renovation to common areas throughout the building, with the parking lot currently being resealed and striped.

The Triad East Office Building presents a unique, stabilized investment opportunity for all investors with 3.48 years of Weighted Average Lease Term remaining, zero tenants expiring in the next 18 months, and over 62% of the Net Leasable Area leased through 2025. Additionally, the Subject Property provides considerable value-add upside, through the opportunity to leverage considerable recent property capital improvements to back-fill 17% current vacancy, as well as increasing current rents to reflect market rates. Triad East is offered to market asking $8,975,000, reflecting a 7.72% CAP Rate on actual financials, which represents cash-on-cash returns of 13.74% based on current financing quotes and a price per square-foot well below replacement cost at $98 per square-foot.

Investment Highlights

  • 94,872 SF Class B Prof Office Building | Louisville, Kentucky | 83% Occupancy
  • 62% Net Leasable Area Leased into 2025 | 3.48 Weighted Average Lease Term Remaining
  • Priced Below Replacement Cost | $98 Per SF | 13.74% Day 1 Cash-On-Cash Return
  • Value-Add Opportunity |Lease-Up 17% Current Vacancy | Increase Rental Rates to Market
  • $250k+ in Recent CAPEX Invested | Replaced Roof | Updated Common Areas | Parking Lot

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s) KY: 242197

    Kentucky

Listing Price: $8,975,000

Cap Rate
7.72%
Gross SF
91,650
Rentable SF
91,650
Price/Gross SF
$97.93
Lot Size
5.84 acres
Year Built
1982

Investment Highlights

  • 94,872 SF Class B Prof Office Building | Louisville, Kentucky | 83% Occupancy
  • 62% Net Leasable Area Leased into 2025 | 3.48 Weighted Average Lease Term Remaining
  • Priced Below Replacement Cost | $98 Per SF | 13.74% Day 1 Cash-On-Cash Return
  • Value-Add Opportunity |Lease-Up 17% Current Vacancy | Increase Rental Rates to Market
  • $250k+ in Recent CAPEX Invested | Replaced Roof | Updated Common Areas | Parking Lot

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present to market for sale the Triad East Office Building of Louisville, Kentucky. As the 2nd largest city in Kentucky, Louisville operates as a port city providing for minimal ground-up, competitive development opportunities and is a highly coveted Midwest Submarket, it is also the 29th most populous city in the United States.

Constructed in 1983, The Triad East Office Building is a 94,872 square-foot multi-tenant office building, spanning 3 stories tall and sits on 5.84 acre parcel. Triad East is located just off I-64 in one of Louisvilles premier Eastside office parks in an established Louisville submarket, offering exterior signage with high visibility and exposure over 95,000 cars per day. The Subject Property services the needs of the local submarket, operating at 83% occupancy with a diversified tenant-mix and the two Anchor Tenants in 62% NLA having recently executed early lease extensions. Additionally, within the past year, the Subject Property has undergone substantial capital improvements such as a new roof, window work, and a complete renovation to common areas throughout the building, with the parking lot currently being resealed and striped.

The Triad East Office Building presents a unique, stabilized investment opportunity for all investors with 3.48 years of Weighted Average Lease Term remaining, zero tenants expiring in the next 18 months, and over 62% of the Net Leasable Area leased through 2025. Additionally, the Subject Property provides considerable value-add upside, through the opportunity to leverage considerable recent property capital improvements to back-fill 17% current vacancy, as well as increasing current rents to reflect market rates. Triad East is offered to market asking $8,975,000, reflecting a 7.72% CAP Rate on actual financials, which represents cash-on-cash returns of 13.74% based on current financing quotes and a price per square-foot well below replacement cost at $98 per square-foot.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s): KY: 242197

    Kentucky

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