2525 Colonial Drive - a 19,791 square foot office investment property with excess land. The property is located adjacent to St. Peter's Health and near the I-15 interchange. The site, made of two parcels, measures approx. 2.2 acres, and has 118 existing parking spaces. The building has two levels connected by an elevator, with each level offering ground-floor ADA access. It features a 1200-amp, 3-phase electrical service, a 60 kW backup generator, and a full fire suppression system. The upper floor is fully occupied by an existing tenant, providing stable in-place income. The lower level is demised into two separate units, allowing for diversified tenancy; one unit is currently leased while the other remains vacant, offering immediate upside for an owner-user or investor through lease-up or potential owner occupancy. The property is currently performing at a 5.35% cap rate, with a pro forma cap rate of 8.08% upon lease-up. In addition, the investment offers flexibility - the seller has a condo declaration prepared and ready to sign from this year, which would enable units to be sold off individually. Second, the excess land can also be sold, held, or developed.
Listing Details
- UseCondominium
- Year Built1985
- Lot Size2.1990
- ZoningR-O (Residential Office)
- UseCondominium
- Year Built1985
- Lot Size2.1990
- ZoningR-O (Residential Office)
