Property details
Commercial Retail, Great Lakes - Big Rivers Region
Property Description
Commercial Retail
Commercial Retail property consisting of a Shopping Center located directly alongside the primary traffic retail corridor of this trade area along a major U.S. Route. This commercial retail property comes with great assumable non-recourse financing exists with 6.5 years remaining with a 77% LTV at a 5% interest rate. With almost all national tenants including anchors Office Max, Big Lots, Hobby Lobby, CATO, and Dollar General, the majority of tenants are on Triple Net Leases (NNN) and contribute to both administrative and management fees. In addition, a brand new drive up ATM outlot is being constructed in April of 2009 with a 10-year initial lease term. 6.50 years remain on term of loan
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Highlights
- Status:
- Available
- Price:
- $8,900,000
- PSF:
- $57
- Cap Rate:
- 9.50%
- Annual Rent:
- $845,667
Property Information
- Building Size:
- 156,904 sq.ft.
- Property Type:
- Shopping Center
- Industry Type:
- Retail
- Units/Spaces:
- 18
- Year Built:
- 1973
- Land Area:
- 12.61 acres
- Purchase Tenure:
- Fee Simple
Existing financing information
- Original loan amount:
- $7,250,000
- Interest rate:
- 5.0%
- Amortized over:
- 25 years
- Annual Debt Service Pmts:
- $508,593
- Annual Cash Flow:
- $337,074
- Cash on Cash Return:
- 16.32%
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.