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Description

Value-Add |25,578 SF | 3.15 Acres | Offered at $1,400,000

Investment Highlights

• Priced Below 2019 Appraisal Report & Current Replacement Cost
• Value-Add through Leasing (Listing Broker Can Help w/ Lease Up!)
• Property is in Overall Good Condition & Ready for New Tenant(s)
• Less than 5 Minutes to Interstate 25 & Highway 50
• Very High Demand / Marketable Property Size ~26,000 rsf on 3.15 acres

Property Description

Imagine going back to spring of 2019 knowing what you know about the current market… Would you buy industrial warehouse space? Of course you would! 1745 N Erie Avenue is your chance to go back in time and acquire a property at a very attractive basis. Our 2019 appraisal report shows this property valued at $1,500,000 As-Is. And the beautiful part is the property and the market has only improved since that time. The property is Twin-T concrete construction, features 20 foot clear heights, 2 dock high overhead doors, and boasts 3 phase power. 1745 N Erie Ave is listed for less than half its rebuild cost! SO WHAT’S THE DRAWBACK? Well, the property is leased to about 26 small tenants and about 65% of the building is still vacant. The NOI is low… only $40,062.94 for 2020. BUT…. you can dramatically increase revenue by leasing the entire building to one tenant at 5.50/psf NNN… OR… follow the current business model and recruit more small tenants. The choice is yours… the time is NOW!

MAKE AN OFFER TODAY!

Property Information

Sale Price: $1,400,000
Current NOI: $40,062.00
Pro Forma NOI: $140,679.00
Year Built: 1974
Building Size SF: 25,578
Lot Area Acres: 3.15 Acres
Zoning: I-2