INVESTMENT OPPORTUNITY! Riverdale Medical Pavilion - real estate - by owner - apartment real estate sale

Investment Opportunity- Riverdale Medical Offices:

Details:

Property Type: office, Land

Sub Type: Medical Office, Residential

Square Footage: 11,000

Net Rentable (SqFt): 8,943

Units: 8

Cap Rate: 0.50%

NOI: $23,393

Occupancy: 87%

Tenancy: Multi

Lease Type: Gross

Rent Bumps: Yes

Pro-Forma Cap Rate: 7.12%

Pro-Forma NOI: $320,256

Price per SqFt: $409

Class: C

Year Built: 1968

Year Renovated: 2001

Buildings: 1

Stories: 2

Lot Size (SqFt): 7,040

Zoning: R6 with C1-2 commercial overlay

Investment Type: Value Add

Medical Offices | Projected 7.1% CAP- Investment/Owner-User | 11,000 SqFt

Prime Investment Opportunity!!

A two-story 11,000 square foot elevator building consisting of 8 medical office suites, with 8,943 rentable square feet. 1,200 square feet can be rented or used by the owner. All units are gross leased. Possible development opportunity to build up to 33,792 square feet, with 22,000 square feet for residential use.

The table frames five distinct ways to underwrite the asset: from current in-place income to a fully converted net-lease position. Choose the strategy that fits your mandate.

Investment highlights:

Mark rents to market: In-place ~$34/SF vs. ~$55/SF market lifts gross toward $605,000 at full occupancy.

Convert gross → net leases. The single largest NOI lever — shifts taxes, utilities & CAM to tenants (see Net-Lease Max).

Development kicker. Air rights up to 10,138 SF unused as-of-right; ~31 - 40 units under City of Yes UAP*

Lease Expirations: 2029 for most; Pediatric 8/31/2026; full possession ~2029

Next door to Chase Bank - mass transit

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