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.
Courtesy of Tinetti Realty, .
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