This offering is for the sale of the leasehold estate / leasehold interests by the current tenant. The property being sold is the leasehold improvements and all rights afforded the tenant / assignee per the lease. An assignment will require the consent of the Landlord.
The primary term of the ground lease was 25 years and is set to expire on August 31, 2021. The tenant shall have four, five year options to renew with increases in rent based on CPI increases over the prior 5 year period.
Tenant shall have an option to purchase the land at the end of the primary term and each option period at appraised value for the land.
The current annual rent is $119,790 per year with an increase scheduled on September 1, 2017. CPI increases are capped at 10%.
|Property subtype||Free-Standing Building|
|List price||$495,000 |
|Open house details|