101 N. Wilmot - Investment

101 N. Wilmot
Tucson, AZ 85711
United States

Sale Price (Total)
$20,750,000.00
Property Type  Office
For Sale / Lease
For Sale
Building Type
Office
Year Built
1980
Parcel #
127-09-011E
Building Size
98276 SF
Land Size
189486 SF
Zoning
C-3 - City of Tucson

Description
The subject property is situated just north of Broadway Blvd and Wilmot Rd. It is a Class “A” six story, +- 98,276 square foot office building positioned in Tucson’s dynamic East Central Office Sub-market. This sub-market area contains approximately 45% of all of the available office space in Tucson. The property is surrounded by other mid-rise office buildings which all have occupancy rates in the mid to upper 90% range,
101 N. Wilmot is across the street from St Joseph Hospital Complex. Tucson Medical Center is approximately 3 1/2 miles to the north and Davis Monthan Air Force Base 3 1/2 miles to the south. 101 N. Wilmot is three blocks from Park Place Mall, one of Tucson’s largest shopping malls. The University of Arizona is less than 7 miles to the west. Restaurant, shopping, entertainment, lodging and hotel options all surround the property. Two Sun Tran Bus stops, one on Wilmot and the other on Broadway, are located less than one block from the property.
The property is leased to Rincon Research Corporation, a defense and intelligence contractor for the US Government. They have occupied the building for over 10 years and have been in business for over 30 years. They have approximately 7 years left on the primary lease term and also have two 5-year renewal options.
Rincon has made significant leasehold improvements to the property to suit its specialized needs, including creating Sensitive Compartmented Information Facility (SCIF) areas and expending in excess of $1,000,000 just to address it’s security needs alone. The property is exceptionally well maintained and professionally managed.
The landlord has also made significant capital improvements, of just over than $900,000, to the building as well. Those including the following improvements which have been done in the last 4 years:
• Elevator Modifications: $404,914 (2014)
• All common area hallway carpet replaced: $25,000 (2014-2016)
• All common area restrooms remodeled: $281,000 (2015-2016)
• HVAC Pneumatic Valve and Motor Replacement: $50,000 (2016)
• VAV Boxes replaced on 1st through 4th Floors: $55,000 (2015-2016)
• Electrical Upgrades: $50,000 (2016)
• Parking Lot sealing and striping: $20,000 (2017)Recent analysis by both architects and numerous general contractors estimated the total project costs to reconstruct the development at approximately $285 per square foot and the land component at $15 per square foot. This brings the total project cost to $30,851,000 or roughly $314 per square foot. This is $10,000,000 less than the listing price.

See attached marketing flier for floor plans, income & expense information, tenant information, etc.
Features
Income / Investment
Video
https://viewer.hangar.com/360?assetId=/vjxbLBd0
Map
Address
Advertiser
Mark Irvin Commercial Real Estate Services, LLC
Mark Irvin

Tucson AZ 85716
United States
Mark Irvin Commercial Real Estate Services, LLC Mark Irvin
CCIM, SIOR
Southern Methodist University, Dallas, BBA Business, Finance & Real Estate (1986)
Eastfield College, Dallas, TX

View Count 129