iHeart Radio 1501 13th Ave 11,835 SF Office Building Columbus, GA 31901 $1,601,164 ($135.29/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-Term Lease Extension: The tenant recently extended their lease for an additional five years, bringing the remaining term to eight years
- Established Tenant: iHeartRadio has successfully operated at this location for over 15 years
- Below Market Rent: Current rent is $14.19 PSF, well below the market rate of $20 PSF
- Attractive Annual Rent Increases: The lease includes a 3% annual rent escalation, enhancing investment returns
- Competitive Pricing: The property is priced significantly below replacement cost at $135 PSF
- Strategic Market: Columbus is the third-largest city in Georgia and a vital economic hub, home to Ft. Moore, America’s 3rd largest Military base in US
EXECUTIVE SUMMARY
Long term tenant. Corporate Guaranteed.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Building Size
11,835 SF
Building Class
C
Year Built
1983
Price
$1,601,164
Price Per SF
$135.29
Cap Rate
8.50%
NOI
$136,099
Tenancy
Single
Building Height
1 Story
Typical Floor Size
11,835 SF
Building FAR
0.18
Lot Size
1.50 AC
Opportunity Zone
Yes
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Information
- -
- $11.50
- Triple Net
- Oct 2031
iHeartMedia is an audio company in the United States, reaching 9 out of 10 Americans every month – and with its quarter of a billion monthly listeners, has a greater reach than any other media company in the U.S. The company’s leadership position in audio extends across multiple platforms including hundreds of live broadcast stations; its iHeartRadio digital service available across multiple platforms and thousands devices including smart speakers, smartphones, TVs and gaming consoles; through its influencers; social; branded iconic live music events; and podcasts .
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Information | - | $11.50 | Triple Net | Oct 2031 |
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PROPERTY TAXES
| Parcel Number | 027-022-009 | Improvements Assessment | $415,202 |
| Land Assessment | $125,452 | Total Assessment | $540,654 |
