TITLE:
Car Dealership Lot, Mechanic Shop, Tire Company - Almost 1 Acre - Great Upside if Tenant Moves Out
CONTROL:
Exclusive
VALUE:
$2,000,000
LOAN:
$0
EQUITY:
$2,000,000
TYPE:
Retail/Commercial
HAVE:
Car Dealership with two subtenants (Tire Shop, Mechanic Shop) in 40,000 square foot lot in Escondido. Seller is motivated to sell. Appraisal value is $2,450,000 (market) and $2,150,000 (Actual Value taking into account current lease).
ADDRESS:
859 Broadway, Escondido, California
BENEFITS TO NEW OWNER:
Great upside at end of lease or if Tenant is vacated. Property is being sold almost $500,000 below the market value today. Actual Gross Income Today is $108,000 or a 4.2 Cap Rate. Proforma is 7.75.
GROSS SCHEDULED INCOME:
$180,000 Projected
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$180,000
EXPENSES:
$25,000
NOI:
$155,000
DEBT SERVICE:
$0
CASH FLOW:
$155,000
CAP RATE:
7.75%
BENEFITS SOUGHT:
Seller's are two brothers and want to split the funds.
CAN ADD:
None
REMARKS:
Looking for Quick Sale. Current Tenant has first right of refusal and will pay 1.8 million. Sellers wants a cash offer higher than this. Property was inherited
COUNSELOR:
Mike Vachani
Provenio Realty & Investments
100 West Lemon Ste 203
Monrovia, California, 91016
Cell: 626-391-9100
Email mikevachani@gmail.com
