9% CAP with Seller Leaseback

Industrial for Sale
Catylist Listing ID: 30095764
Property Subtypes: Free-Standing, Light Industrial, Office Showroom, Warehouse/Distribution
Building Size (RSF): 8,040 SF
Gross Building Area: See Agent
Gross Land Area: 25,350 SF
Sale Price: $595,000
Unit Price: $74 PSF
Drive In Bays: 10 Bays
Property Use Type: Investment
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: 9.0%
Last Updated: 9/12/2017

Overview / Comments

This 2-building complex located just off N. Tamiami Trail in Nokomis is an excellent opportunity for an investor looking for a good return. Front building is a recently remodeled 3,040 sq. ft. showroom building which currently houses the sellers' lighting business. 5,000 square foot rear warehouse building is occupied by multiple tenants with units of 500 and 1,000 square feet. Warehouse has 14’ ceilings, 10 overhead doors, and single-phase power.
Seller is buying a larger property and wants to sell this current property with a lease back until their new space is remodeled and ready to occupy. We are estimating a 12-18 month lease back at market rate would yield an 9% CAP at listed price. Contact listing agent for more details.
Interested parties are welcome to visit the lighting showroom during business hours, but we ask that you DO NOT DISCUSS THE SALE OF THE PROPERTY WITH OCCUPANTS. Showings are by appointment only.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 0405-11-0025
Zoning: CI
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Property Condition: Good
Year Built: 1985
Year Renovated: 2015
X-Phase: Single
In Flood Plain?: Yes
Water Service: Municipal
Sewer Type: Septic

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,072 39,197 69,531
Median Age: 58.99 63.78 60.42
Households: 4,860 20,896 35,344

Contact

Photograph of Listing Agent

Roberta J Kolton Cera

MICHAEL SAUNDERS & COMPANY MFCRE Member
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