435 E. Main St, Greenwood, IN, 46143

Acquisition Date: October 2018
Acquisition Price: $5,450,000
Acquisition Cap Rate: 8.46%
Current Market Value: $5,575,000
Building Size: 55,463 SF
Acquisition Cost per SF:  $98.26
Property Type: Office
Tenant: Multiple (Anchored by Cornerstone Autism Center)
Occupancy: 100% 

Highlights: Polk Place is a quality suburban office property with an excellent location, strong demographics and stabilized tenancy. Envision believes that the current rents are 20-30% below-market and that future expenses can be recaptured to improve the bottom line.  Envision expects to take advantage of this upside and achieve better than average returns over the hold period. The office vacancy rate in this submarket measures between 4.9% and 6.9% depending on the source used and there is no new construction happening for office space in this submarket, thus driving rents higher, and vacancies even tighter. The property has had very high historical occupancy and likely will continue to for many years to come, thus presented a stable cash flowing asset. In addition, Envision was able to negotiate $600,000 of non-recourse financing from the seller, substantially increasing annual returns, and giving us additional comfort by the seller’s investment in the property’s projections.

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