Description
GREAT INVESTMENT PACKAGE-almost full occupancy, good condition, low maintenance (roof replaced 2018-19), town water and sewer, great parking, with potential for additional income. This 1-story building currently offers 11 office/retail units, plus 38 storage units at the basement level. Basement has a drive-in, garage door access, with room to add additional storage units. Building has a truss roof frame, which would allow floorplan alterations if needed. Gross income stated, $149,389, was for 2021, when 2 units were vacant. Premises are now almost fully leased, with monthly income of $14,459.36. Broker's calculation, using 2021 expense figures and current rent income over a 12 month period, shows a 10.5% Cap Rate based on the current list price--buyer advised to do their own calculations. With one suite still partially vacant, and room for additional basement storage units, it makes this investment prospect even more attractive. Leases are a mix of partial net and gross rents. Tenants are a mix of primarily professional offices. There are 10 propane-fired HVAC units and 9 total electric services, but not all zoned specifically for individual units, as the floorplan has changed over time. There is a private, management office, as well, in the basement. Owner to remove all personal property from basement. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.
-
0BEDS
-
1.12ACRES
-
0BATHS
-
01/2 BATHS
-
19,500SQFT
-
$51$/SQFT
School Ratings & Info
Description
GREAT INVESTMENT PACKAGE-almost full occupancy, good condition, low maintenance (roof replaced 2018-19), town water and sewer, great parking, with potential for additional income. This 1-story building currently offers 11 office/retail units, plus 38 storage units at the basement level. Basement has a drive-in, garage door access, with room to add additional storage units. Building has a truss roof frame, which would allow floorplan alterations if needed. Gross income stated, $149,389, was for 2021, when 2 units were vacant. Premises are now almost fully leased, with monthly income of $14,459.36. Broker's calculation, using 2021 expense figures and current rent income over a 12 month period, shows a 10.5% Cap Rate based on the current list price--buyer advised to do their own calculations. With one suite still partially vacant, and room for additional basement storage units, it makes this investment prospect even more attractive. Leases are a mix of partial net and gross rents. Tenants are a mix of primarily professional offices. There are 10 propane-fired HVAC units and 9 total electric services, but not all zoned specifically for individual units, as the floorplan has changed over time. There is a private, management office, as well, in the basement. Owner to remove all personal property from basement. Seller will consider only PREQUALIFIED OR APPROVED BUYERS, and buyers should be prepared to offer a satisfactory financial statement/proof of funds.
© Copyright 2022 New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of NEREN. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2022-11-30T00:06:01.807.
Courtesy of William Johnson of Big Green Real Estate: [IDXCONTACTINFORMATION].