17,600 +/- sf of Office/Retail/Warehouses on 2.5 +/- acres w/ Business

Industrial for Sale
Catylist Listing ID: 30770291
Property Subtypes: Flex Space, Free-Standing, Industrial-Business Park, Mixed Use, Office Showroom
Building Size (RSF): 17,600 SF
Gross Building Area: See Agent
Gross Land Area: 2.48 Acres
Sale Price: $2,599,000
Unit Price: $147.67 PSF
Docks/Doors: 23 Doors
Office SF: 2,500 SF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Sale Terms: Cash to Seller, Owner Financing
Last Updated: 12/5/2021

Overview / Comments

The property consists of two parcels. The first is 1.2 acres +/- zoned HC and the second is 1.28 acres +/- zoned GC and HC. There are five warehouses on the two parcels totaling 17,600 sf +/- with plenty of room to build more. The five warehouses are fully leased with nine month to month tenants, some who have been there for over 20 years. The leased yard has ten tenants who have leased the outside storage some for 4-6 years others 10-15 years. The rents are less than market rate. The NOI for the leased warehouses and yard storage is $126,600 +/-. Two warehouses have new metal roofs and three roofs are older. All five building have two bathrooms each. Two buildings have two electrical meters and three have one meter. Two have heights of 12-14 feet and the other three have 16-18 foot heights. There is one building with an older A/C unit. 240 volt AC electric. All of the asphalt parking and drive was repaved 3 years ago. (Not coated) Also included in the sale is a business that generates 1.3 M +/- gross revenue per year (65%+/- from sales and 35% +/- from parts and labor) with an NOI of approximately $150,000+. This year the business is on track to have approximately $250,000 NOI. There is over $150,000 of equipment, inventory etc. The business has been operating in the same location over 24 years. Owner retiring. A CA/NDA is required for additional information.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $15,200 (Annual)
Tax Value Personal Property $150,000
Potential Rental Income $180,000 (Annual)
Gross Operating Income $156,600 (Annual)
Net Operating Income $126,600 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Taxing Authority: Manatee Co
Tax ID/APN: 1697901609
Zoning: HC , GC
Site Description: Fenced and level.
Area Description: Industrial
Tenancy: Multiple Tenants
Total Number of Buildings: 5
Number of Stories: 1
Typical SF / Floor: 5,000 SF
Property Condition: Average
Year Built: 1978
Year Renovated: 1992
Roof Type: Hip
Construction/Siding: Metal Siding
Parking Type: Surface
Volts: 240
Zoning Description: Land is zoned HC and GC
Lot Frontage: 171
Lot Depth: 677
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: fee simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,585 63,356 177,850
Median Age: 55.01 42.44 43.52
Households: 2,534 24,735 74,821

Contact

Photograph of Listing Agent

Michael S Gallatin

SARABAY REAL ESTATE INC MFCRE Member
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