Four-story, fully renovated office building located in Downtown White Plains, NY. The property was renovated in 2015 and features a high end lobby and common areas along with amenities including a below grade parking garage with 50 spaces. All capital projects have been completed in the building and it requires very little cosmetic work and deferred maintenance. The building is currently 96% occupied by 10 different tenants such as the NY Worker's Compensation Board, General Services Administration, and NY Department of Education. Westchester Business Center occupies 26% of the building and recently signed a new 10-year lease. All of the tenants reimburse for CAM, real estate tax growth, and electric lowering the cost to operate dramatically. There is substantial upside in leasing the vacant retail space that will benefit from the mixed-use development project currently underway across the street that will include 700 Class A apartments. Additionally, the property is steps from The Westchester Mall, City Center, Trump Tower, and the hot spots on Mamaroneck Avenue. Conveniently located off of East Post Road and close to Interstate 287, the building has excellent visibility. Additionally, it is within walking distance to the Metro North Train Station allowing for a 29 minute commute to Grand Central Terminal in Manhattan. This is a rare opportunity to acquire a high cash flowing, low maintenance asset in a vibrant metropolitan area. ***Over $2.5MM has been spent in Capital Improvements which include the following*** Roof: $225,000 Garage LED Upgrades: $15,000 Building Bathroom Renovations: $100,000 BMS System: $21,000 CHI- Tenant Improvements: $337,000 Workers Compensation Board: $1,200,000 Westchester Business Center: $250,000 Fire Systems Upgrades: $35,000 Oil to Gas Conversion: $110,000 Lobby Upgrade: $120,000 Sidewalk: $62,000 Signage: $35,000
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