the 500 Maitland office building is a suburban office building opportunity with 101,697 square feet and 22 spaces located in the Maitland Center Office Park in Maitland, Florida. This is the sister building to The 2400 Building and it is also an institutional-quality asset, with three floors, three elevators and suites ranging in size from 1,200 up to entire floors of 35,000 square feet. We were able to acquire the property at $90.00 per square foot, substantially below the market average of $125.00 and well below replacement cost of $220.00 per square foot. In the re-positioning plan, we will be upgrading functionally deficient spaces and improving the look and feel of the common area and restrooms. This property was fairly well stabilized, so the focus will be on maintaining occupancy and increasing renewal rental rates.
* SQUARE FEET: 101,697
* ACQUISITION DATE: February 2018
* ACQUISITION PRICE: $8,500,000
* RENOVATION COSTS: $960,000