Property Description:
The Sellers are seeking to do a deal @ $1,100,000 there is no negotiations on that number. Why? because it will be worth $2.4+ Million with $400K+ in Improvements.
If you have a client let's put a deal together. The property is currently off-market. Sellers are willing to sell it "as is" or do improvements and sell it for more or do a long-term lease with option.
Either way, we are open to options; we just want to work with serious, not curious people.
If you want to buy it you must be willing to put up $50,000 in non-refundable in earnest money after the due dilligence period is over and close in 180 days or less.
We received a number of inquiries over the last year or so and we went under contract 3 times but for various reasons the deals did not get done due to City or financing Issues with Buyer.
Who will this location be best for with no hicups from the City? Restaurant, Daycare, Adult Daycare, Chart schools, Autism center and more all would work great in this location.
Built in 1976 - Total of 12,446 SF on 2 levels - 46 Parking Spaces - Price/SF = $84.36 - GB - General Business District - Over 40 Uses are available in this zoning.
Blueprints and other documents - drive.google.com/drive/folders/14Qt9utfpLFm2-3YpVxmFFW0yBCmDxp4u?usp=sharing
My clients bought the property and others as part of a 1031 Exchange / Land Bank deal - It has been vacant since they bought it over 4 years ago.
The building needs lots of work inside and out, A ramp needs to be installed to access the upper & lower level.
The Seller's has looked into installing HVAC units rather than bring the old 1976 central system back to life.
The estimated work to be done to the building would be approx. $400K:
New Sign Face & LED lighting $4K
Replace flashing around skylights $5K
Clean up the parking lot and level sidewalks $6K
Painting & Update Exterior of building $15K
Trim trees and clean up landscaping and lawn. $10K
Add ramp to the lower level $15K
Install 4 HVAC units (2 in lower level and 2 for upper level) $160K ($40K Each)
Add sprinkler system to meet new code $100K (12,000 x $8 PSF)
Install ADA bathrooms on to meet code & use $80K Lower Level for Men & Women
Estimated Total Cost of Repairs & Updates: $395K+
Additional money would need to be budgeted for interior build and finishes might be another $100K+?
When all this work is done and occupied this $1.1 Million building could be worth $2.4 Million or more.
Hope to hear from you soon!