"The
Growth of Hazleton in retail business and
manufucturing, has annually attracted hundreds of prospective patrons...
the ever increasing and rapid growth of our city compel us to look not
only to the present, but to the future."
George B.
Markle, Jr.
President
Markle Hotel Company, circa 1920
|
This magnificent structure with its core of concrete and steel, is
faced with Indiana Limestone and Terra Cotta adornments. The ground
floor is set up primarily for various retail shops, restaurants,
entrances, etc. Additionally, the primary Broad Street entrance
provides direct access to the 2nd floor which features the Main
Ballroom and Mezanine, both used for catering weddings, trade expos and
other large events. The second floor also houses a large Terrazzo lobby
and various office spaces.
The Altamont Building is located in the heart of the City of Hazleton,
and in fact, is located at the hub of both intra-state and interstate
commerce. Situated at the intersection of State Routes 93 and 309, and
less than 5 minutes drive from the junction of Interstates 80 and 81.
The building consists of approximately 90,000 square feet of premium
Commercial/Mixed use space, directly across from The Hazleton Chamber
of Commerce. An on-site parking lot accomodates up to 50 cars with
access from both Broad Street and Spruce St. Additionally, a brand new
parking garage is being erected directly across the street which will
provide more than ample covered parking for any future needs.
In addition to various mechanical and equipment rooms, the basement or
lower level consists of several finished rental units. As mentioned
earlier, the first and second floors are completely finished and most
units are under lease. See lease information later in document.
Three elevators serve the upper floors and are inspected and in good
working order.
The 3rd floor is 50% renovated and is under lease, with 50% available
for build to suit.
Both the 4th and 5th floors are beautifully renovated and can be
suitable for either office space, apartments or other tenancy. Both
floors have large commercial kitchen and bath facilities.
Floors 6 through 9 have been stripped down and are ready for build to
suit. Anything from office space, to apartments, to clinics or even a
9th floor nightclub overlooking the city! Anything is possible at this
level. Some rough in work has been completed.
A cellular provider is considering leasing roof space for an antenna,
however that is not firm at this time.
Mechanical drawings of each floor are available via fax to serious
buyers. Buyers must present proof of financial capacity to complete
transaction. Seller will consider holding paper on a fractional amount
of a full price offer.
Victor E. Lutsky, Realtor, can answer inquiries regarding the
building and leasing. Contact Victor at (570) 788-4104 or
click here to
email him at victor.lutsky@NEPAhomes.biz.
Lease Information:
- Space at this location is regularly leased for $8/sf/annum.
- All tenants are under a lease with the exception of a
storage
closet rental which is on a month to month arrangement, since 1998.
- The majority of lease holders have either recently renewed
are in the early years of multi-year leases.
- There are five lease holders who are coming up for renewal
this year, and all but one are expected to renew.
- There are currently 14 tenants, primarily occupying the LL
and various areas of the first 2 floors, providing a monthly revenue
stream of $11,546. ($138,552 / yr)
- Nearly all tenants pay their own Heat and Electric.
- In addition to any available square footage on the lower 3
floors, there is 19,736 sf of FINISHED and immediately available space
on floors 4 and 5, with an additional 29,818 sf of build to suit space
on floors 6 through 9.
- Projected income at approx. 90% occupancy:
- Current
leased space: $11,546/mo
(does not include
unrented space on lower floors representing about 10% of entire
building space)
- Immediately
available space on 4 & 5: $13,157/mo
- Build to
suit on 6,7,8 & 9: $19,878/mo
- Total:
$44,581/month($534,972 / year) ...or...
Another way to view/calculate the proforma revenue, is:
90,000sf - Total sf of building
10,000sf - less the Grand Ballroom, Mezzanine, Dining Room &
Foyer.
6,500sf - less non-rentable space, elevators, storage,
stairwells, etc.
73,500sf - approximate net rentable square footage
x $8.00/sf per annum = $588,000
less 10% vacancy, uncollectables, discounts of $58,800
$529,200 / year
proforma revenue
Expenses (estimated for 2006)
Total Electric Bill - $16,707.75
Less the owners contribution to the two non-profit
entities
that lease space - <$7,344.01>
Actual Estimated House Electric Expense - $9,363.74
Total Gas Heat Bill - $12,020.15
Less the owners contribution to the two non-profit
entities
that lease space - <$5,015.32>
Actual Estimated House Gas Heat Expense - $7,004.83
Sewer
$333.12
Water
$2,663.94
Total Estimated Expenses approximately $19,365.63
Brought to you by
Victor E.
Lutsky, Realtor
Benjamin GMAC Real Estate
http://www.nepahomes.biz/
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