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Office

PNC Bank Building

1 Cass City Center, Logansport, IN 46947

Listing Price: $2,597,000

Cap Rate
10.72%
Gross SF
53,708
Rentable SF
46,714
Price/Gross SF
$48.35
Lot Size
2.21 acres
Year Built
1978

Investment Overview

Marcus and Millichap is pleased to present for sale PNC Bank Building. The subject property is roughly 47,000 square foot office building situated on 2.21 acres in downtown Logansport, IN. PNC office building offers a unique mix of local, regional and national tenant mix with all Tenants operating on full service gross leases. The average rental rate of $13.80 per square foot, falling inline with the rental rates in its submarket. This property allows for an incoming investor the opportunity to invest in a property that has seen sustainable income with the anchor tenant having over 5 years remaining on its current lease. With an attractive 20% cash-on-cash return day one, an investor can significantly increase their return through leasing the remaining vacant space on the fourth floor bringing their return to nearly 40%.

Investment Highlights

  • Situated along main intersection of downtown Logansport
  • Unique Mix of Internet Resistant Tenants
  • Long term anchor tenant with 5+ years remaining with PNC Bank
  • Stabilized income with significant upside opportunity through lease up

Exclusively Listed By

Listing Price: $2,597,000

Cap Rate
10.72%
Gross SF
53,708
Rentable SF
46,714
Price/Gross SF
$48.35
Lot Size
2.21 acres
Year Built
1978

Investment Highlights

  • Situated along main intersection of downtown Logansport
  • Unique Mix of Internet Resistant Tenants
  • Long term anchor tenant with 5+ years remaining with PNC Bank
  • Stabilized income with significant upside opportunity through lease up

Investment Overview

Marcus and Millichap is pleased to present for sale PNC Bank Building. The subject property is roughly 47,000 square foot office building situated on 2.21 acres in downtown Logansport, IN. PNC office building offers a unique mix of local, regional and national tenant mix with all Tenants operating on full service gross leases. The average rental rate of $13.80 per square foot, falling inline with the rental rates in its submarket. This property allows for an incoming investor the opportunity to invest in a property that has seen sustainable income with the anchor tenant having over 5 years remaining on its current lease. With an attractive 20% cash-on-cash return day one, an investor can significantly increase their return through leasing the remaining vacant space on the fourth floor bringing their return to nearly 40%.

Exclusively Listed By

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