listed for sale by Coldwell Banker Commercial
The property is on the southeast corner of the intersection of US 52 and Cumberland Avenue in West Lafayette. To the north is the Purdue Research Park and to the south is Bioanalytical Systems Inc..
The two-story building is 20,952 square feet. The three acre pond is included in the sale. There are mature trees on the property.
American Express (financial services) has a "5 to 7 year lease" for "7500 to 8000 square feet" on the first floor. Because of that, the asking price is now $1.7M (up from listing of $1.5M). The lease listing quotes $15 per square foot per year and shows 11,879 square feet remaining.
possibilities
The UUC "Phase 1" plan specifies usage of 14,985 square feet. This building's leasable 11,879 square feet (which I assume does not include existing restrooms and mechanical rooms) is very close to this size. In order to be useful as a church at this level, I assume at least the following major tasks would need to be performed.
- Carve a fellowship hall out of the large space available upstairs.
- Create a kitchen upstairs.
- Convert office space to RE rooms.
The UUC "Phase 2" plan specifies 6390 square feet. At the end of the American Express lease, at least 7500 square feet would become available. While this space would be adequate for the music room, office space and conference room (1430 square feet), it would not be suitable for the sanctuary and associated spaces (4960 square feet). A sanctuary built between the existing building and the pond seems an easy solution. At $135 per square foot, the addition of a sanctuary would cost approximately $670K.
There were plans underway to recapture 2.5A of the space used by the pond using existing drainage pipes under US 52. This provides a possibility for further expansion.
accessibility
Cumberland and US 52 provide easy access to the building by car. There seems to be an abundance of parking. (over 70 spaces?) Some could be converted to playground.
Cattail Trail provides pedestrian and bicycle access at the edge of the property. Plans are underway to extend the trail along US 52 adjacent to the property.
Two bus routes overlap at US 52 and Cumberland.
Route 1B
operates everyday on a route from downtown Lafayette, through campus, up Salisbury to the building. It should provide
a good fit for a large part of the congregation and ensure that anyone who can get to downtown Lafayette can
easily reach this building.
Route 4B operates Monday through Saturday, servicing Purdue and surrounding apartment complexes. It would be especially useful for students who wish to attend weekday activities.
Inside the building, a modern elevator provides comfortable access to the second floor.
funding
The asking price of $1.7M is well beyond the current budget of $1.2M. Substantial renovations would also need to be made in order to use the building as a church. Utilities are likely to be dramatically more expensive in this space.
If this building is selected the Union Street property would no longer be needed and could be sold. From what I've heard in passing, the sale could bring approximately $200K.
Assuming that American Express is leasing 7500 square feet at $15 per square foot per year, monthly income from the lease would be $9375. At 6.5% interest, that translates to a five year loan of $479K.
With these additions, there is close to $1.9M available. The building could even be purchased without the outstanding pledges being collected. (The pledges could go toward the remodeling.)
Note that Coldwell Banker Commercial is also listing the 17th Street property. There could be some efficiencies in handling the sale of both existing properties as part of the purchase of this property.