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) |
| Email: | |
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: | 6574 |