Description
Investor alert: 9.75% Cap Rate. Located on the main road of Maryland Avenue, the 44,000 square foot commercially zoned parcel is improved by a 5,932 square foot single story, pre-engineered steel frame building on concrete slab foundation with brick veneer front. Interior has tile floors, suspended ceiling with recessed lighting, drywall walls and two bathrooms. HVAC is provided from four gas fired pumps. Price also includes the adjacent 24,830 square foot parcel, which could be used to expand the building by an additional 6,385 square feet of retail space. The development costs of any additional retail space will be substantially less that normal as the site is already approved by water and sewer service, electric service, storm water management, street cuts, pedestal lighted sign, and a parking lot. Lease just renewed on for additional five years to 12/31/2024. Three additional five-year options remain with 7% lease increases. The 7% increase was not assessed this renewal period per the 10/19/19 renegotiated lease agreement. Landlord is responsible for exterior, snow removal, roof and replacement of major HVAC components. Tenant responsible for all exterior signs, interior maintenance and maintenance of HVAC. Competition: Food Lion, Dollar General. Customer base: City of Crisfield, Three Smith Island Communities, Tangier Island, Marion Station. With 100k down, seller will hold the balance as owner financing and will not require any flood insurance.
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1.01ACRES
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01/2 BATHS
Description
Investor alert: 9.75% Cap Rate. Located on the main road of Maryland Avenue, the 44,000 square foot commercially zoned parcel is improved by a 5,932 square foot single story, pre-engineered steel frame building on concrete slab foundation with brick veneer front. Interior has tile floors, suspended ceiling with recessed lighting, drywall walls and two bathrooms. HVAC is provided from four gas fired pumps. Price also includes the adjacent 24,830 square foot parcel, which could be used to expand the building by an additional 6,385 square feet of retail space. The development costs of any additional retail space will be substantially less that normal as the site is already approved by water and sewer service, electric service, storm water management, street cuts, pedestal lighted sign, and a parking lot. Lease just renewed on for additional five years to 12/31/2024. Three additional five-year options remain with 7% lease increases. The 7% increase was not assessed this renewal period per the 10/19/19 renegotiated lease agreement. Landlord is responsible for exterior, snow removal, roof and replacement of major HVAC components. Tenant responsible for all exterior signs, interior maintenance and maintenance of HVAC. Competition: Food Lion, Dollar General. Customer base: City of Crisfield, Three Smith Island Communities, Tangier Island, Marion Station. With 100k down, seller will hold the balance as owner financing and will not require any flood insurance.
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