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2581 Whittle Ave - Whittle Avenue Plaza Condominiums - Unit 3
2,613 SF Office Condo Unit Offered at $585,414 CAD in Medford, OR 97504
Investment Highlights
- Executive Office
- Condominium
- Centrally Located
Executive Summary
WAP is located near the northerly end of Whittle Avenue at Crater Lake Highway ("OR-62") near the Crater Lake Plaza and Red One regional shopping centers. WAP is surrounded by mixed use commercial, professional office, regional hardware and RV retail, and mini storage to the north, along with the shopping centers. To the east, professional office, local gyms, bowling alleys, multifamily (20-49 UPA) and high-income residential. To the south is middle-income single family residential. Southwest and west adjoining property is approximately 20 acres owned by Jackson County and is used as an airport safety zone for landing flights. An important note is flightpaths run adjacent to - not over OR near - the building. Whittle Avenue experiences moderate traffic to and from OR-62, with approximately 3,100 Vehicles Per Day ("VPD") trafficking the street at WAP as of the latest Traffic Study in 2018. Skypark Drive, the nearest intersection with traffic data, averages 900 VPD, and is primarily used for traffic to businesses, multifamily, and to Crater Lake Avenue (14,900 VPD). OR-62 at Whittle Avenue experiences heavy traffic at 47,100 VPD. OR-62 is the primary State Highway route to the northern valley municipalities of White City, Eagle Point, and Shady Cove. Also, OR-62 is the primary southern Oregon route to Klamath Falls and eastern Oregon, via OR-140 at White City, and Bend and the greater central Oregon area. Medford, according to U.S. Census Bureau data, has grown approximately 3.32% since 2018. VPD data can reasonably be estimated to have grown at similar rates. All data used herein from 2018 Traffic Study, City of Medford: https://rb.gy/myortb.
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Property Facts
1 Unit Available
Unit 2581
| Unit Size | 2,613 SF | Cap Rate | 4.07% |
| Price | $585,414 CAD | NOI | $23,809.43 CAD |
| Price Per SF | $224.04 CAD | No. Parking Spaces | 6 |
| Condo Use | Office | APN/Parcel ID | 10995772 |
| Sale Type | Investment |
| Unit Size | 2,613 SF |
| Price | $585,414 CAD |
| Price Per SF | $224.04 CAD |
| Condo Use | Office |
| Sale Type | Investment |
| Cap Rate | 4.07% |
| NOI | $23,809.43 CAD |
| No. Parking Spaces | 6 |
| APN/Parcel ID | 10995772 |
Description
Each condo in the Condominium features the same approximate layout of executive office space downstairs and an upstairs space that is not built out, excepting the 2581 condo to which the tenant built out upstairs. The condos consist of high-end touches such as craftsman construction and moldings, luxury tile, granite counters, carpets, and paint and texture. All three condos feature medium- to large sized offices, restrooms and kitchenettes. Each condo has exclusive use parking with number of spaces ratio to square footage percentage of the building.
Sale Notes
Tenant & Lease: 2581 Whittle is currently occupied by Futurity First Insurance Group, Inc. ("FFI"). FFI is a Delaware based, nationwide insurance and retirement planning provider specializing in "help[ing] American workers and retirees by taking complex decisions about their finances and their health care and simplifying them." FFI has been a tenant at the 2581 condo since February 2014, and their current lease structure consists of a Net (Property Taxes) lease encompassing a monthly condominium fee and annual lease extensions. The 2581 condo generates $16,797 in Net Operating Income ("NOI") annually.
Buyer Upside: Although FFI has a substantial track record of tenancy and has built out the second story of Unit 3, currently, their lease is under market rent and the tenant should be responsible for more expenses. Under the current lease, FFI is responsible for its base rent, property taxes, direct-billed electricity, together with a small condo fee with all other expenses the responsibility of the landlord. This lease was negotiated last in 2019. Recently, the owner has fully leased the other condos in the building (Unit 2 - 2587 Whittle, and Unit 1 - 2597 Whittle) at $1.20 per square foot base rent, Net-Net and Triple Net, respectively, with all utilities direct-billed or billed back to tenants. In this market, it should be no surprise that a buyer could purchase the unit and reasonably renegotiate with the tenant for better terms.
Amenities
- 24 Hour Access
- Wheelchair Accessible
- Kitchen
- Accent Lighting
- Energy Performance Rating - A
- Reception
- Storage Space
- Central Heating
- DDA Compliant
- High Ceilings
- Natural Light
- Secure Storage
- Monument Signage
- Air Conditioning
- Fiber Optic Internet
zoning
| Zoning Code | I-L (The I-L district provides land for warehouse, office, and low intensity industrial uses in areas near residential and commercial zones.) |
| I-L (The I-L district provides land for warehouse, office, and low intensity industrial uses in areas near residential and commercial zones.) |
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2581 Whittle Ave - Whittle Avenue Plaza Condominiums - Unit 3
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