$1,300,000
$1,650,000
21.2%For more information regarding the value of a property, please contact us for a free consultation.
SOLD DATE : 11/16/2020
Key Details
Sold Price $1,300,000
Property Type Commercial
Sub Type Industrial
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 19072845
Sold Date 11/16/20
HOA Y/N No
Originating Board MLS Metrolist
Property Description
45,176 m/l SF bldg on 3.3 acs (Zoned I-L). South 8,000 SF portion (i.e. 40' x 200') has a dock hi (heavy duty) raised wood floor & the balance is on a concrete dock. Multiple truck dock doors & drive-in ramps (to get trucks & equipment into the bldg) 6 tenants with monthly gross scheduled rents of $19,356 ($232,276 /yr) when 100% occupied. Based upon proforma rents property is listed at 7.1 GRM has a 10.12% Cap. Rate. Potential 70% LTV financing with a local bank's promotional package at 3.90% fixed for 5 years with a rate reset at 5 years & due in 10 years. Payments based upon 25 year amortization. When fully leased 1st year projected 18.55% cash on cash return, 1st Yr. Cash Flow Before Taxes + Principal Reduction = $125,798 and a Debt Coverage Ratio of 2.35. Property potentially eligible for cannabis related businesses (Interested party should verify with the City.
Location
State CA
County Merced
Area 20407
Direction Located approximatley 500' west of intesection of North Hwy. 59 and West 16th Street
Location Details Business Park
Interior
Heating See Remarks
Cooling See Remarks
Flooring Carpet, Concrete Slab, Wood Sub-Floor, Linoleum/Vinyl
Exterior
Parking Features Uncovered
Water Access Desc Public
Roof Type Metal
Road Frontage Freeway Exposure, Highway Exposure
Building
Story 1
Sewer Public Sewer
Water Public
Others
Senior Community No
Tax ID 059-051-003
Special Listing Condition None
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Bought with KW Silicon City
bobandrobyn@thebrokerage360.com
2012 Elvenden Way, Roseville, CA, 95661, United States