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$650,000
Est. payment /mo
2,378 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 2,378 sqft
Price per Sqft $273
MLS Listing ID 808219
Year Built 1987
Annual Tax Amount $6,114
Tax Year 2023
Lot Size 1.750 Acres
Acres 1.75
Lot Dimensions 131.98 x 204.38 & 148' x 339'
Property Sub-Type Retail
Property Description
The numbers herein don't lie - and the return on your money is not only STRONG - Its one of the best Ive seen with expanded use in the coming future. [I/R=V] : Rents Annual 48,000, Tax Annual 5,896, Insurance Annual 2,250 = Net MONTHLY Income $39,854 (This does not factor in an estimated annual budget for maintenance & repair and basically since all systems, roof & mechanicals are dialed in and for the most part have a LONG LONG life left: AGE: Roof 10+/-, AC 3-4, Boiler 15+/-, PAVED Lot NEW 2020) An investor will NO DOUBT and should factor that in but for now will leave it as a middle of the road base line scenario. NET ANNUAL INCOME=$478,248 and using the 10% rule for value for JUST the building WITHOUT any future increases (triple net here so you wont go down due to those expenses) is $480,000. And based on a bank appraisals INCOME APPROACH its very similar at $500,000. AS FOR THE EXTRA ACREAGE - even harder to find since SO FEW like places left along Commercial / State Rd 2 let alone w/entry access. The LOT ONLY portion of this package has 148'F/ 339'D which is 1.15 Acres VS O'Reilly's Auto Parts across the street having 258'F / 300' D and1.77 Acres that SOLD 2015 for 260K. A great comp since nothing like it LOCATION specific but there are a couple of the next most recent that incl Dunkin' Donuts w/tiny frontage of 100' / 222' for .51 Acre & SOLD for 250K in 2021 and then Taco Bell's Lot 158' / 175' .63 Acre SOLD for 300K in 2023 - JUST Sampling the 3 its clear the lots are selling for FAR more but for FAR less SF and simply taking the avg frontage @ $1,569 plf the xtra lot easily falls in the $232,000+ realm - and that's before factoring the access f/Commercial AND The West side parking lot of the current building. LOADS of expansion options, strip malls + stand alones. So VERY conservatively speaking a $712,000 value is substantiated - BUT, this is a complete package sale for $650,000 and set to move AS IS 2024 + 3 yr lease in place until January'27.
Location
State IN
County Lake
Zoning Commercial
Interior
Heating Hot Water, Natural Gas
Fireplace N
Exterior
Exterior Feature Storage
View Y/N true
View true
Building
Lot Description Corner Lot, Paved, Landscaped, Gentle Sloping, Few Trees
Others
Tax ID 451923481006000008
Acceptable Financing NRA20240807142555586056000000
Listing Terms NRA20240807142555586056000000
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Listed by SCHUPP Real Estate