The Waller Group Properties is proud to present the 80% occupied, 40,825 SF office building – Shaker West Professional Building. The subject property has recently undergone a $900k repositioning, with projects ranging from the installation of new solar panels to the complete upgrade of elevators, creating a greener building with reduced electricity costs. Additionally, there is plenty of parking at a ratio of 7 / 1,000 SF.
At 80% leased, 11811 Shaker Blvd offers investors the opportunity to purchase a remodeled office building and create additional value through lease-up of vacant space, rolling existing tenants to market, parking fees from nearby buildings who are under served, and charging expense recoveries on new leases and rollovers.
Current ownership is achieving $283,533 in NOI annually. New ownership, based on area rent comps, can bump annual rents by nearly $3.70 / SF. With this bump, current ownership can achieve an annual pro forma NOI of $312,875.
Property is currently self-managed and new ownership will have to find management.