FOR SALEOffice Building

10400 Blacklick Eastern Road

Pickerington, OH 43147

Asking Price $1,700,000

Julie Kemp, BROKER, CNE

Commercial Director

Howard Hanna

Cell: (614) 940-4156

juliekemp@howarhanna.com

Property Overview

PropertyAddress:

10400 Blacklick Eastern Road, Pickerington, OH 43147

Built: 2004Two-Story Brick Building

16,337 SFBuilding Size:

1.35 Acres4/1000 shared parking lot

Acres:

Zoned: C-4Existing Office & Medical Office

Details: ❖ Excellent Owner/User Investment Opportunity

❖ 88% Occupied

❖ 2017 NOI: $107,982.79

❖ Tenants mix includes: Real Estate office, Orthopedic Surgeon, CPA,

Attorney, Church & Environmental Consulting group.

❖ Building SF on the County Auditor’s site are is incorrect.

❖ Owner’s have appealed the taxes based the incorrect SF and $2.1M taxable

value. If Owner’s win their tax appeal, the property taxes will be reduced

to $39,0000

Asking Price:$1,700,000.00

Contact: Julie Kemp, BROKER, CNECommercial Director

Cell: 614-940-4156

The information contained herein has been given to us by the owner of the property or other sources we deem reliable.We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.

Parking: 4/1000.Parking lot and cross easements are shared with the adjacent 1.22 Acres of vacant land

Property Photos

Front ViewFront View

Reception Area Lobby and Reception Area

Lobby & Reception Area Monument Signage along Blacklick Eastern Rd

Floor Plan

Rent Roll, Income & Expenses

RENT ROLL Bldg 10400 Blacklick Eastern Road

Howard Hanna Building INCOME Current

Leaseable Monthly Monthly Monthly Monthly Lease

Expiration

Tenant Suite SF Gross Rent CAM Other Total

Antea Group 130 2354 3,905.00 0.00 0.00 3,905.00 11/30/2017 in 3 year renewal option

Champions Land Dev Co. Subleased to: David Bhaerman-Room 102 110 154 495.00 0.00 0.00 495.00 5/31/2017should have adjusted up upon 1 year renewal by cpi %

Champions Land Dev Co. Subleased to: Tim Hamilton 109 145 400.00 0.00 0.00 400.00 5/31/2016should have adjusted up upon 1 year renewal by cpi %

Champions Land Dev Co. Subleased to: Freedom Food-Room 112 110 121 690.00 0.00 0.00 690.00 6/22/2014does not want to sign new lease

Champions Land Dev Co. Subleased to: Jonathan Hedgepeth-Room 110+112U2 110 289 833.33 0.00 0.00 833.33 7/31/2019

Dr. Lowery 105 1367 2,050.50 0.00 0.00 2,050.50 6/30/2018

Champions Land Dev Co. Subleased to: Brett Miller -room 106 110 105 475.00 0.00 0.00 475.00 8/31/2011annual one year renewals

Champions Land Dev Co. Subleased to: Pennell Tax Services 120 400 950.00 0.00 0.00 950.00 12/31/2020 one year option with CPI % increase

Jefferey Sams 140 1500 1,500.00 0.00 0.00 1,500.00 9/30/20193 year renewal option left

Ben Amick 105 105 550.00 0.00 0.00 550.00 1/31/2016discussing renewal

National Develpoment Council 103 105 700.00 0.00 0.00 700.00 2/28/2018

Vacant (Ste 120-1,250 SF; various vacant offices 750 SF) 2000 0.00 0.00 0.00 0.00

Total 1st Floor 8645 12,548.83 0.00 0 12,548.83

C3 Church 201 1938 2,664.75 7/16/2020 $ 1,177.63 Allen

Champions Land Development Co LLC (Building Owners) X 1812 6,329.84 0.00 0 6,329.84 9/30/2021 $ 824.34 Brennan

Total 2nd Floor 3750 8,994.59 0.00 0 8,994.59 $ 1,690.00 Eichhorn

Total 12395 21,543.42 0.00 0.00 21,543.42 $ 1,774.28 Jarvis

x12 x12 x12 $ 863.59 Stanley

Grand Totals $ 258,521.04 $ - $ -$

258,521.04 $ 6,329.84

RE Expenses: EXPENSES 16337SF

Electricity/gas $ 1.10 $ 17,970.70

Grounds Maintenance $ 0.60 $ 9,802.20

Property Insurance $ 0.25 $ 4,084.25

Janitorial service and supplies $ 1.00 $ 16,337.00 RE Tax Notes:

Management Fee $ 0.70 $ 11,435.90 Checking on status of triennial revaluation/ when to be compete

Real Estate Taxes $ 3.00 $ 61,600.00 (2017 Estimated taxes $39,000. Adding $22,600 to NOI) Should be about $39,000 plus $6,600/YR

Repairs and Maintenance Labor $ 0.20 $ 3,267.40 Fairfield has the building valued at $2.1MM + $253,000 for

Repairs and Maintenance Supplies $ 0.20 $ 3,267.40 1.22 Ac

Repairs and Maintenance $ 0.20 $ 3,267.40

Trash Removal $ 0.10 $ 1,633.70

Water and Sewer/Stormwater Fee $ 0.21 $ 3,430.77

TOTAL: $8.33/SF $ 136,096.72 113,496,72 $6.95/SF

Net Operating Income $ 122,424.32 $ 145,024.32

At current NOI $136,096.72 8% cap rate

After tax reduction NOI $145,024.32 8.5% cap rate

Owner/User Scenario:

Currently 750 SF vacant in main office area

2,038 SF of office space in main area by moving Owners into another area in the building plus 750 SF vacant = 2,562 SF

Or 1,650 SF suite 120 can be availble by moving CPA to main area of building.

Site Plan

Shared Parking Lot

Auditor’s Site Map