SOLD Commercial RE on CarProperty.com Similar ads Member's profile Email Advertiser Share 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) Grade Jeff Johnson Email: firstname.lastname@example.org 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 Info 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 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:5801 Current rating Grade Comments Do you have any comments? Do you have any comments? You may add it after you login.