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Single-Tenant Office

Rochester Border Patrol Station

171 Pattonwood Dr, Rochester, NY 14617

Listing Price: $1,150,000

Cap Rate
8.00%
Gross SF
5,500
Rentable SF
5,500
Price/Gross SF
$209.09
Lot Size
0.46 acres
Year Built
2003

Investment Overview

Marcus & Millichap is pleased to bring to market the Rochester Border Patrol Station, a class B single-tenant government office building occupied by Customs and Border Protection (CBP). The 5,500 rentable square foot building is located on Pattonwood Drive in Rochester, New York, and sits on 0.46 acres. CBP requested use of the property soon after its construction, since they required an additional facility along Lake Ontario to bridge the gap between their existing facilities in Niagara Falls and Oswego. They selected this property due to its strategic location near Lake Ontario and Lake Ontario State Parkway, both of which are key to CBP's mission. In addition to facilitating border oversight, the property serves as a temporary holding facility for detainees. CBP has invested in numerous custom build-outs throughout their tenancy, including holding cells, secure windows/doors, and an armory. CBP renewed their lease for five years in April of 2021. During the renewal process, CBP did not pursue any alternative properties, showing commitment to their current location. In addition, the mission-critical nature of the facility provides it with considerable insulation from consolidation. CBP's current lease includes rent escalations tied to the CPI, which mitigates the effects of inflation. Customs and Border Protection is the primary border control organization of the US Government. It is the law enforcement arm of the Department of Homeland Security (DHS), comprising $16.2 billion of DHS's $90 billion budget. This offering is ideal for an investor who is seeking to invest in a stabilized single-tenant building with a AA+ credit tenant (Moody's, S&P).

Investment Highlights

  • CBP Requested Use of the Property Due to Its Strategic Location near Lake Ontario and Lake Ontario State Parkway
  • Extensive Custom Build-outs Including Holding Cells, Secure Windows/Doors, and an Armory
  • Recently Signed Five Year Lease Renewal
  • Lease Guaranteed by GSA (AA+ Credit Rated Tenant - Moodys, S&P)
  • CBP's Budget ($16.2 Billion in 2021) Has More Than Tripled Since 2003
  • Mission Critical Facility- Insulated from Consolidation

Exclusively Listed By

Financing By

Single-Tenant Office

Rochester Border Patrol Station

Listing Price: $1,150,000

Cap Rate
8.00%
Gross SF
5,500
Rentable SF
5,500
Price/Gross SF
$209.09
Lot Size
0.46 acres
Year Built
2003

Investment Highlights

  • CBP Requested Use of the Property Due to Its Strategic Location near Lake Ontario and Lake Ontario State Parkway
  • Extensive Custom Build-outs Including Holding Cells, Secure Windows/Doors, and an Armory
  • Recently Signed Five Year Lease Renewal
  • Lease Guaranteed by GSA (AA+ Credit Rated Tenant - Moodys, S&P)
  • CBP's Budget ($16.2 Billion in 2021) Has More Than Tripled Since 2003
  • Mission Critical Facility- Insulated from Consolidation

Investment Overview

Marcus & Millichap is pleased to bring to market the Rochester Border Patrol Station, a class B single-tenant government office building occupied by Customs and Border Protection (CBP). The 5,500 rentable square foot building is located on Pattonwood Drive in Rochester, New York, and sits on 0.46 acres. CBP requested use of the property soon after its construction, since they required an additional facility along Lake Ontario to bridge the gap between their existing facilities in Niagara Falls and Oswego. They selected this property due to its strategic location near Lake Ontario and Lake Ontario State Parkway, both of which are key to CBP's mission. In addition to facilitating border oversight, the property serves as a temporary holding facility for detainees. CBP has invested in numerous custom build-outs throughout their tenancy, including holding cells, secure windows/doors, and an armory. CBP renewed their lease for five years in April of 2021. During the renewal process, CBP did not pursue any alternative properties, showing commitment to their current location. In addition, the mission-critical nature of the facility provides it with considerable insulation from consolidation. CBP's current lease includes rent escalations tied to the CPI, which mitigates the effects of inflation. Customs and Border Protection is the primary border control organization of the US Government. It is the law enforcement arm of the Department of Homeland Security (DHS), comprising $16.2 billion of DHS's $90 billion budget. This offering is ideal for an investor who is seeking to invest in a stabilized single-tenant building with a AA+ credit tenant (Moody's, S&P).

Exclusively Listed By

Financing By

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