Description
Blocks from downtown CDA and in the path of redevelopment. Capitalize on a rare opportunity to purchase a fully renovated, cash-flowing, mixed-use commercial property with conditionally approved plans to add additional square footage (4-flex/retail units) to an already graded and cleared section on the property. The current tenant is on a NNN lease with 6 years remaining (3.5% ANN increase) and uses the space as a cafe, 6 offices, a retail section, and storage. The current cap rate is 7.68% and the new addition increases the value to $2,500,000 based on market lease rates. Across the street is a new mixed-use retail/apartment project that is 50% complete, drawing more attention to the immediate area while increasing property values. The new proposed building is 4 flex units and plans can be sent over upon request. Reach out to the listing agent for any questions concerning the lease and profits.
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0BEDS
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0.48ACRES
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0BATHS
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01/2 BATHS
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4,032SQFT
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$298$/SQFT
School Ratings & Info
Description
Blocks from downtown CDA and in the path of redevelopment. Capitalize on a rare opportunity to purchase a fully renovated, cash-flowing, mixed-use commercial property with conditionally approved plans to add additional square footage (4-flex/retail units) to an already graded and cleared section on the property. The current tenant is on a NNN lease with 6 years remaining (3.5% ANN increase) and uses the space as a cafe, 6 offices, a retail section, and storage. The current cap rate is 7.68% and the new addition increases the value to $2,500,000 based on market lease rates. Across the street is a new mixed-use retail/apartment project that is 50% complete, drawing more attention to the immediate area while increasing property values. The new proposed building is 4 flex units and plans can be sent over upon request. Reach out to the listing agent for any questions concerning the lease and profits.
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