TITLE:
MIXED USE DOWNTOWN REDEVELOPMENT WITH INCOME
CONTROL:
Owner
VALUE:
$1,700,000
LOAN:
$1,200,000
EQUITY:
$500,000
TYPE:
Development
HAVE:
Leasehold with option on 56000 sq ft mixed use property on the Public Square in Shelbyville, IN. Can deliver free and clear or with any amount of debt. Some income in place. All ground level retail is leased.
ADDRESS:
29-41 Public Square, Shelbyville, Indiana
BENEFITS TO NEW OWNER:
Lots of upside as the property is over 50% vacant. Great location and demand. Great town that has put $20MM into the Public Square. 1500 new local jobs
GROSS SCHEDULED INCOME:
$130,000 Actual
VACANCY LOSS:
$40,000
GROSS EFFECTIVE INCOME:
$90,000
EXPENSES:
$20,000
NOI:
$70,000
DEBT SERVICE:
$72,000
CASH FLOW:
$-2,000
CAP RATE:
4.12%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$120,000
$6,000
6%
08/01/2024
No
BENEFITS SOUGHT:
Move up into a more suitable endeavor. Find the right developer to finish the project.
CAN ADD:
Murphysboro, IL MHP, 1st Note on CO property for $1.555M, land, other notes, sale/leaseback deals, cash
REMARKS:
We hold this property with a lease/option and would like to take our equity into another endeavor. Titleholder may go with us. We can deliver free and clear. We can take a down and carry.
COUNSELOR:
Blake Allen
Allen Realty
108 Canon Ave
Manitou Springs, Colorado, 80829
