TITLE:
LOCKE SUPPLY - LONG TERM NN CORPORATE TENANT
CONTROL:
Exclusive
VALUE:
$1,680,000
LOAN:
$213,000
EQUITY:
$1,467,000
TYPE:
Industrial
HAVE:
Single Tenant, 43,175 sqft whse on 4.85 ac. Current rent $2.92 sqft NN ending 2028, two 5yr options. Same tenant occupied 15+ years. Locke Supply is the industry-leading industrial supplier of wholesale plumbing, electric & HVAC components, across the US.
ADDRESS:
1502 W Cherry St, Chaunte, Kansas
BENEFITS TO NEW OWNER:
Strong and long term Corporate Tenant, New lease extension (well below market rates), Passive lease structure.
GROSS SCHEDULED INCOME:
$126,000 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$126,000
EXPENSES:
$0
NOI:
$126,000
DEBT SERVICE:
$0
CASH FLOW:
$126,000
CAP RATE:
7.50%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$213,000
$0
0%
12/31/1969
No
BENEFITS SOUGHT:
Use equity to trade up. Ideally $3-$5M total price point. 3 SEC partners using equity for upside or value add options.
CAN ADD:
some cash and expertise, depends on the deal and structure. Ideally looking to place this equity plus new loan.
REMARKS:
Property is well maintained, new roof installed in 2017, Tenant has been well taken care of and is happy with the facility. Accepted a rent increase at their last extension without issue.
COUNSELOR:
Tyler Nepote
Wedgewood Capital Partners
125 N Market Ste 1735
Wichita, Kansas, 67202
