Social Security Administration

  • Government
169 Camden St • Rockland, ME 04841
Location: Maine


Offering Memorandum
  • Building Size: sq/ft
  • Cap Rate: 7.33% %
  • Status: Available
$1.00

Property Information

  • Type: Government
  • Net Operating Income : $91,578
  • Year Renovated : 2017
  • Price per sq/ ft : $278.27
  • Lot Size : 1.69
  • Year Built : 2005
  • Building Size : 4,492
  • Cap Rate : 7.33%
  • Status : Available

Investment Overview

Marcus & Millichap is pleased to offer the exclusive listing of the Social Security Administration (SSA) office located in Rockland, Maine. The 4,492-square foot building was constructed in 2005 and is situated on 1.69 acres of land. The SSA building presents an opportunity for an investor to acquire a custom-designed building for this mission critical government agency. This recent retrofit facility provides a very attractive risk-adjusted yield with a highly rated credit tenant with S&P AA- designation. General Services Administration leases offer long-term stability to an investor as these federal agencies occupy the facilities for more than 30 years, on average, with a first-generation renewal rate of
approximately 96 percent. The SSA plans to occupy this upon completion.

SSA is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimants benefits are based on the wage earners contributions. SSA is headquartered in Woodlawn, Maryland, just to the west of Baltimore, at what is known as Central Office. The agency includes 10 regional offices, eight processing centers, approximately 1,300 field offices, and 37 Teleservice Centers. As of 2007, about 62,000 people were employed by SSA. Social Security is the largest social welfare program in the United
States. The Social Security Administration has been named the sixth best place to work in the federal government.

Rockland is a city in Knox County, Maine, in the United States. As of the 2010 census, the city population was 7,297. It is the county seat of Knox County. The city is a popular tourist destination. It is a departure point for the Maine State Ferry Service to the islands of Penobscot Bay: Vinalhaven, North Haven and Matinicus. Rockland is an officially designated micropolitan area. Rockland is the commercial center of the midcoast Maine region, with many historic inns, a coffee roaster, a food co-op, a community radio station WRFR-LP, and the Farnsworth Art Museum. Rockland was named a Coast Guard City in March 2008, in recognition of the long-standing and special relationship that the city and its residents have with the United States Coast Guard.

Investment Highlights

  • New 10-Year Lease to Social Security Administration
  • U.S. Government Guarantee (AA+ Credit Rating, S&P)
  • Substantial Renovations to Suite SSA-Specific Operations
  • High-Visibility and Good Access Along Highway 1 (Camden Street)

Facilities

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Contact Agent

Geoff Ficke

First Vice President Investments Director, Net Leased Properties National Office and Industrial Properties

License: TX 0593051

Nicole Patel

Associate Directory / Capital Markets Specialist

Zack Ficke

Government Specialist

License: TX 688207

Jennifer Athas

BOR

License: ME DB919281