Catylist ID:
#30809275
| Catylist Listing ID: | 30809275 |
| Property Subtypes: | Mixed Use |
| Building Size (RSF): | 8,008 SF |
| Gross Land Area: | 0.79 Acres |
| Sale Price: | $734,000 |
| Unit Price: | $91.66 PSF |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.4% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 8/8/2022 |
Overview / Comments
|
3 Unit Strip center available as a stable, and sharp investment property, dance studio, salon and insurance office, with ample parking, just behind Krogers off N Roan Street in Johnson City. Property boasts clean and professional office build outs, and 42 parking spaces on a newly sealed and striped lot. A cap X expenditure for parking lot and HVAC heat pump was spent last year. Lease to be formulated during contract period for middle unit for 5 years. Rent bump scheduled next year. Gross rents approximately $73,800, with low overhead. Great 1031 exchange property, or passive income for stable growth during inflation. 100% occupancy, and qualifying buyers through proof of funds, or bank letter for full showing to not disturb tenant or tenant business. All info to be verified by buyer/buyers agent. |
Financials
| Finance Data Year | 2021 |
|---|---|
| Real Estate Taxes - Annual($) | $9,245 (Annual) |
| Potential Rental Income | $73,800 (Annual) |
| Gross Operating Income | $72,200 (Annual) |
| Net Operating Income | $54,325 (Annual) |
| Actual or Proforma Year | Proforma |
Current Tenants
| Tenant Business Name | Studio Dance |
| Industry Type | Arts, Entertainment, and Recreation |
| Is Renting? | Yes |
| Annual Revenue | $30,600 (Annual) |
| Suite Number | 1 |
| SF of Space Occupied | 3,388 SF |
| Current Rent | $2,550 PSF (Annual) |
| Lease Expiration | 7/0023 |
| Escalations | 10% bump next July planned by owners |
| Tenant Business Name | State Farm Insurance |
| Industry Type | Finance and Insurance |
| Annual Revenue | $21,600 (Annual) |
| Suite Number | 2 |
| SF of Space Occupied | 2,200 SF |
| Tenant Notes | Sale/lease back |
| Tenant Business Name | Sugar Mama Waxing |
| Annual Revenue | $21,600 (Annual) |
| Suite Number | 3 |
| SF of Space Occupied | 2,420 SF |
| Current Rent | $1,800 PSF (Annual) |
| Lease Expiration | 7/0026 |
Additional Details
| Nearest MSA: | Johnson City |
| County: | Washington |
| Tax ID/APN: | 090 038I D 00500 000 2020 |
| Retail Clientele: | General, Family, Business, Traveler, Other |
| Property Visibility: | Excellent |
| Largest Nearby Street: | N Roan |
| Feet of Frontage: | 100 |
| Highway Access: | Nearby I 26 |
| Airports: | Tri-Cities Airport |
| Site Description: | flat, ample parking |
| Area Description: | Johnson City, major Commercial MSA of the TriCities region, in East Tennessee |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Typical SF / Floor: | 8,008 SF |
| Property Condition: | Excellent |
| Year Built: | 1973 |
| Roof Type: | Flat |
| Construction/Siding: | Brick |
| Total Parking Spaces: | 42 |
| Parking Ratio: | 14 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | surface, freshly sealed and stripped |
| Heat Type: | Electricity |
| Heat Source: | Central |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 7,119 | 45,901 | 84,343 |
| Median Age: | 49.53 | 39.52 | 39.16 |
| Households: | 3,406 | 19,901 | 36,000 |
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