TITLE:
2 Unit 100% Occupied Retail Bldg in Utah
CONTROL:
Owner
VALUE:
$600,000
LOAN:
$190,000
EQUITY:
$410,000
TYPE:
Retail/Commercial
HAVE:
3,000 sq ft, renovated retail building in small Utah town - rapidly growing area 1 hr from "Silicon Slopes" & Provo (multiple universities). Leases until 2027 & 2028 with existing tenants who want to stay. 3% & 4% annual increases.
ADDRESS:
509 W Main St, Mt Pleasant, Utah
BENEFITS TO NEW OWNER:
Anchor tenant just put his own $70K+ in tenant improvements. Plus new parking lot. 2016 effective build date. 4.7% assumable seller financing available.
GROSS SCHEDULED INCOME:
$56,778 Projected
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$56,778
EXPENSES:
$11,872
NOI:
$44,906
DEBT SERVICE:
$14,292
CASH FLOW:
$30,614
CAP RATE:
7.48%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$190,000
$1,191
5%
02/01/2030
Yes
BENEFITS SOUGHT:
Move up
CAN ADD:
Two 100% occupied 8 cap Medical Office Buildings, 800k 1st Position Note, cash
REMARKS:
2016 - roof, A/C, sheet rock, flooring, paint, trim, windows, doors. Vape store & collectors boutique shop tenant mix. New paved parking lot.
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
