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Midstate Office Park7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM
Managing Director
(857) 990-6800
Drew Kirkland
Licensed Associate
(857) 990-6802
Francis Saenz
Investment Associate
(857) 990-6803
Phone: (857) 990-6800 ● 300 Washington Street, Suite 300 ● Newton, MA 02458 ● www.NortheastPCG.com
14,944 SF Class-B Office Property●
1990 Construction | Lot Size 1.45 Acres●
Ample On-Site Parking; 5.09 per 1000 SF●
Excellent Location; Mass Pike, I-290, & I-395●
Real Estate Investment DetailsMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
Analysis
Analysis Date September 2017
Property
Property Midstate Office Park
Property Address 7 Midstate DriveAuburn, MA 01501
Year Built 1990
Financial Information
Down Payment $350,000
Purchase Information
Property Type Office
Purchase Price $1,650,000
Tenants 8
Total Rentable Sq. Ft. 14,944
Loans
Type Debt Term Amortization Rate Payment LO Costs
Fixed $1,050,000 25 years 25 years 4.75% $5,986
Income & Expenses
Gross Operating Income $186,971
Monthly GOI $15,581
Total Annual Expenses ($56,527)
Monthly Expenses ($4,711)
Contact Information
Edward Jordan, CCIM(857) [email protected]
Drew Kirkland(857) [email protected]
Francis Saenz(857) [email protected]
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax orother professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting,tax or other professional area before making any decisions.
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Location MapMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
page 3 of 9
Property PhotosMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
14,944 SF Office Property1990 Construction
Exterior Front Exterior Rear
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Executive SummaryMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $1,650,000
Investment - Cash $350,000
First Loan $1,050,000
INVESTMENT INFORMATION
Purchase Price $1,650,000
Price per Tenant $206,250
Price per Sq. Ft. $110.41
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income $196,812
Total Vacancy and Credits ($9,841)
Operating Expenses ($56,527)
Net Operating Income $130,444
Debt Service ($71,835)
Cash Flow Before Taxes $58,609
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes 16.75%
Debt Coverage Ratio 1.82
Capitalization Rate 7.91%
Gross Income / Square Feet $13.17
Gross Expenses / Square Feet ($3.78)
Operating Expense Ratio 30.23%
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Pricing AnalysisMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
INCOME
Actual Per SF Pro Forma Per SF
Gross Potential Rent $196,812 $13.17 $208,884 $13.98
Less: Vacancy ($9,841) ($0.66) ($10,444) ($0.70)
Effective Gross Income $186,971 $12.51 $198,440 $13.28
OPERATING EXPENSES
Actual Per SF Pro Forma Per SF
Property Management Fee $9,349 $0.63 $8,355 $0.56
Building Insurance $2,306 $0.15 $2,306 $0.15
Repairs & Maintenance $7,472 $0.50 $7,472 $0.50
Taxes - Real Estate $29,536 $1.98 $29,536 $1.98
Snow Removal $2,500 $0.17 $2,500 $0.17
Trash Removal $1,500 $0.10 $1,500 $0.10
Utility - Electricity $3,065 $0.21 $3,065 $0.21
Utility - Water & Sewer $800 $0.05 $800 $0.05
Total Expenses ($56,527) ($3.78) ($55,534) ($3.72)
Net Operating Income $130,444 $8.73 $142,906 $9.56
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Pricing AnalysisMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
TENANT ANNUAL SCHEDULED INCOME
Tenant Actual Pro Forma
Prestige Marketing $48,528 $52,260
Passports Inc $53,076 $53,076
Solar Consulting Inc. $21,600 $25,920
Pro Weight Loss $9,000 $11,220
Vacant $10,200 $10,200
Advantage Home Care $18,528 $18,312
JS Transport Services $19,800 $21,816
Mass Turnpike $16,080 $16,080
TOTALS $196,812 $208,884
ANNUALIZED INCOMEActual Pro Forma
Gross Potential Rent $196,812 $208,884
Less: Vacancy ($9,841) ($10,444)
Effective Gross Income $186,971 $198,440
Less: Expenses ($56,527) ($55,534)
Net Operating Income $130,444 $142,906
Debt Service ($71,835) ($71,835)
Net Cash Flow after Debt Service $58,609 $71,071
Principal Reduction $22,444 $22,444
Total Return $81,054 $93,515
ANNUALIZED EXPENSES
Actual Pro FormaProperty Management Fee $9,349 $8,355
Building Insurance $2,306 $2,306
Repairs & Maintenance $7,472 $7,472
Taxes - Real Estate $29,536 $29,536
Snow Removal $2,500 $2,500
Trash Removal $1,500 $1,500
Utility - Electricity $3,065 $3,065
Utility - Water & Sewer $800 $800
Total Expenses $56,527 $55,534
Expenses Per RSF $3.78 $3.72
INVESTMENT SUMMARY
Price: $1,650,000
Year Built: 1990
Tenants: 8
RSF: 14,944
Price/RSF: $110.41
Lot Size: 1.45 acres
Floors: 2
Parking Spaces: 5.09/1000
Cap Rate: 7.91%
Pro Forma Cap Rate: 8.66%
FINANCING SUMMARY
Loan Amount: $1,050,000
Down Payment: $350,000
Loan Type: Fixed
Interest Rate: 4.75%
Term: 25 years
Monthly Payment: $5,986
DCR: 1.82
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Lease Rent RollMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
Suite Tenant Start Date Expire Date RSF $/RSF AnnualizedRent
TenantImprovements
Commissions RenewalTerm
RenewalIncrease
Notes
101 Prestige Marketing 05/01/2015 04/30/2019 3,733 $13.00 $48,528 $0.00 $0.00 1 year $0.00 No Increase in 2nd Year
102 Passports Inc 07/01/2017 06/30/2020 3,791 $14.00 $53,076 $0.00 $0.00 1 year $0.00 $14.50/foot in 2nd Year; $15.00/foot in 3rdYear
201 Solar Consulting Inc. 07/15/2016 07/31/2019 2,160 $10.00 $21,600 $0.00 $0.00 1 year $0.00 No Increases
202 Pro Weight Loss 09/23/2016 02/28/2020 935 $9.63 $9,000 $0.00 $0.00 1 year $0.00 $800/month in 2nd Year; $850/month in 3rdYear.
203 Vacant 09/01/2017 09/30/2017 820 $12.44 $10,200 $0.00 $0.00 1 year $0.00 Tenant moved to a larger space in the building.
204 Advantage Home Care 06/01/2015 06/30/2020 1,526 $12.14 $18,528 $0.00 $0.00 1 year $0.00 $1,559/month in 2nd Year; $1,574/month in3rd Year.
205 JS Transport Services 08/01/2016 07/31/2019 1,818 $10.89 $19,800 $0.00 $0.00 1 year $0.00 No increase in 2nd year - TAW
Parking Mass Turnpike 12/01/2002 12/31/2017 0 NA $16,080 $0.00 $0.00 1 year $0.00 Tenant of 20 Years - Working on renewal now.
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BiographyMidstate Office Park
7 Midstate DriveAuburn, MA 01501
Edward Jordan, CCIM(857) 990-6800
Professional BioWHO WE ARE
Northeast Private Client Group is the fastest-growing mid marketinvestment sales firm in the Northeast. We provide unmatched resultsby combining specialized market intelligence with a relationship-based marketing strategy that caters to our individual clients’ needs.
Our experienced team is at the forefront of sourcing and transactingmid-market investment opportunities between Boston and New York,offering clients local submarket intelligence and rich industryexpertise.
Our collaborative and research-driven solutions are tailored to meetthe individual needs of investors and property owners across theNortheast who are looking to buy, sell or exchange mid-marketproperties, including mixed-use, multifamily, retail and office assets. We have a proven track record of matching ourclients with qualified buyers of multifamily and commercial properties.
Throughout all market cycles, our team works closely with building owners to help meet their needs for preservingcapital, repositioning assets, growing returns and maximizing value. We are your strategic partner, offering theaccessibility, commitment and knowledge necessary to effectively achieve your goals.
With offices in Connecticut, Massachusetts and New York, Northeast Private Client Group delivers institutional qualitysupport to our mid-market clients. This highly-disciplined process is just one of the many reasons we have earned theCoStar Power Broker designation year after year.
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