Great Investment Opportunity - Tenants are Established Automotive Businesses

Great Investment Opportunity - Tenants are Established Automotive Businesses

Description:


SOLD!


- 11.8% PROFORMA CAP RATE
- DOUBLE NET LEASE WITH 4% ANNUAL INCREASES
- OPPORTUNITY TO INCREASE INCOME BY EXTENDING HOURS
- GREAT LOCATION FOR CAR DEALERS AND DRIVE-BY TRAFFIC

This investment opportunity includes the car wash business and real estate. The real estate includes an additional income property located in a separate building on the same lot.

Alexander' s carwash has operated in this proven south Broadway location for over 30 years, and is surrounded by numerous new and used car dealers who regularly bring their
cars to Alexander' s to be cleaned. There is a significant opportunity to increase income by extending business hours to accommodate more drive-by traffic. Existing customers (non-contract) include Burt Automotive,
Landmark Lincoln Broadway, Mercedes-Benz of Littleton and many local independent car dealers. Current hours are 9:00 AM 5:00 PM
Monday through Saturday. Similar businesses are frequently open on Sundays, and stay open until 7:00 PM each day. Adopting a similar business plan would likely result in a large increase in gross income.

The long term tenant (transmission repair shop) pays $5,304 per month rent and has just exercised their 2nd five year option.

The NNN lease (owner pays for tax and insurance) includes 4% annual increases and a 3rd five year option.

Members profile:


Advertised by: Jeff Johnson (click here to see full profile)
Average score 0 after 0 votesAverage score 0 after 0 votesAverage score 0 after 0 votesAverage score 0 after 0 votesAverage score 0 after 0 votes Grade Jeff Johnson
Email: jjohnson@pinnaclerea.com

Ad Details


Parking Spaces Outside 30
Property is Sold
Auto Use Allowed Yes
Garage Spaces (put 0 if this does not apply) 15.00
Price Information: Leased 100% to multiple tenants
Price $1,485,000 USD
Property Types Flex Space, Vehicle Related
Land Types Commercial Other, Retail

Size & Value


Bldg. Size (Sq. Ft.) 13,448
Price/Sq. Ft. 110.43
Cap Rate 11.80%
Lot/Parcel Size 28,000 sf

Use & Status


Best Property Use This is an investment property

Unique Sale Issues


Type of Sale Real Estate Agency Sale
Tenants with Current Leases Yes
Occupancy (in %) 100%
Lease Type NNN

Website or Social Network Links:


Website http://www.loopnet.com/xNet/mainsite/Flash/Profile.aspx?LID=16398594

Location


Address 2600 S. Broadway
City Denver
State CO
Postal Code 80210
Country USA

Call Me!


Phone (303)962-9556
Ad id: 8289929
Ad views:5039
Current rating Average score 7 after 2 votesAverage score 7 after 2 votesAverage score 7 after 2 votesAverage score 7 after 2 votesAverage score 7 after 2 votes Grade

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