The US Post Office at 17245 W 5th Street in Arivaca, AZ sold recently for $353,000 ($208 PSF) in an all cash transaction. The buyer was the Splettstoesser family of Isle, MN and the seller the Horak family of El Paso, TX.
The 1,696-square-foot post office was built in 1992 as a USPS building on a 15,744-square-foot lot. The investment sale includes a current lease expiration in 2017, with two five-year renewal options remaining to USPS.
With approximately 700 residents, Arivaca is located 60 miles south of Tucson through some of the most stunning scenery in Arizona.
James T Coe with Real Estate Asset Counseling of Maysville, KY who specializing in the resale and purchase of post offices throughout the United States, handled the transaction for buyer and seller.
To learn more contact Coe at (800) 405-7179.
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[mepr-show rules="58038"]Property sold on 7/21/2014, all cash. NOI was reported to be $36,069 at tiem of sale and property sold at a 10.2% cap rate. USPS has a partial maintenance rider, taxes reimbursed by the USPS and a 180 day termination notice rider during renewal periods only. APN: 302-29-165A[/mepr-show]