Property details
NNN 1031, Great Lakes - Big Rivers Region
Property Description
• NNN 1031
• Absolute NNN 1031 Property
NNN 1031 ideal property! Warehouse located in a Industrial Park located at the intersection of 2 interstates. The warehouse is of tilt-up concrete construction, climate controlled, and has a single tenant with a triple net lease (NNN). The current lease is $239,400.00 per year. Approximately 3 years ago the property appraised for $3 mil. Priced at $2.6 mil for a 9.2% rate of return.
The NNN 1031 tenant is a local trucking company that has been around for 30+ years. Although they may not have a high net worth, they do have a good reputation and have always paid their rent like clockwork on the 1st of the month!
What does NNN 1031 mean?
NNN 1031, also known as Triple Net 1031, is a term used to describe a NNN property that a 1031 buyer is looking for or a NNN 1031 seller is targeting a 1031 investor with.
Other property related to NNN 1031
» Search for all properties related to NNN 1031 Single Tenant properties by using our PROPERTY SEARCH, expand the Property Types, then check the boxes for "Single Tenant" and "Ground Lease".
Images
Highlights
- Status:
- Available
- Price:
- $2,600,000
- PSF:
- $25
- Cap Rate:
- 9.20%
- Annual Rent:
- $239,400
- Rent Increases:
- Increases to $289,800 in 2011 with option to renew for another 4 year term
Property Information
- Building Size:
- 105,000 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Industrial
- Units/Spaces:
- 1
- Land Area:
- 8.70 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Devore Trucking
- Lease Type:
- NNN
- Lease Commencement:
- 6/1/2007
- Lease Expiration:
- 5/31/2011
- Lease Term:
- 4 years
- Years Remaining:
- 3 years
- Landlord Responsibilities:
- None - NNN 1031
- Options:
- 4 year in 2011
Existing financing information
- N/A
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.