1112-1114 E Commercial Avenue
Lowell,
IN
46356
Property Details
| List Price: |
$650,000 |
| Beds: |
-- |
| Baths: |
-- |
| Status: |
Active |
SqFt: |
2378 Square Feet |
| Agency: |
SCHUPP Real Estate |
| Agency Phone: |
(219) 696-3596 |
Description/Comments
| Lot Size: |
1 acre(s) |
| Property Type: |
Commercial Sale-Retail |
| Year Built: |
1987 |
| Notes: |
The numbers herein don't lie - and the return on your money is not only STRONG - Its one of the best Ive seen with expanded use in the coming future. [I/R=V] : Rents Annual 48,000, Tax Annual 5,896, Insurance Annual 2,250 = Net MONTHLY Income $39,854 (This does not factor in an estimated annual budget for maintenance & repair and basically since all systems, roof & mechanicals are dialed in and for the most part have a LONG LONG life left: AGE: Roof 10+/-, AC 3-4, Boiler 15+/-, PAVED Lot NEW 2020) An investor will NO DOUBT and should factor that in but for now will leave it as a middle of the road base line scenario. NET ANNUAL INCOME=$478,248 and using the 10% rule for value for JUST the building WITHOUT any future increases (triple net here so you wont go down due to those expenses) is $480,000. And based on a bank appraisals INCOME APPROACH its very similar at $500,000. AS FOR THE EXTRA ACREAGE - even harder to find since SO FEW like places left along Commercial / State Rd 2 let alone w/entry access. The LOT ONLY portion of this package has 148'F/ 339'D which is 1.15 Acres VS O'Reilly's Auto Parts across the street having 258'F / 300' D and1.77 Acres that SOLD 2015 for 260K. A great comp since nothing like it LOCATION specific but there are a couple of the next most recent that incl Dunkin' Donuts w/tiny frontage of 100' / 222' for .51 Acre & SOLD for 250K in 2021 and then Taco Bell's Lot 158' / 175' .63 Acre SOLD for 300K in 2023 - JUST Sampling the 3 its clear the lots are selling for FAR more but for FAR less SF and simply taking the avg frontage @ $1,569 plf the xtra lot easily falls in the $232,000+ realm - and that's before factoring the access f/Commercial AND The West side parking lot of the current building. LOADS of expansion options, strip malls + stand alones. So VERY conservatively speaking a $712,000 value is substantiated - BUT, this is a complete package sale for $650,000 and set to move AS IS 2024 + 3 yr lease in place until January'27. |
| MlsNumber: |
-- |
| ListingId: |
808219 |
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| Listing Provided By: |
SCHUPP Real Estate, original listing |
| Phone: |
(219) 696-3596 |
| Office Phone: |
(219) 696-3596 |
| Agent Name: |
John Schupp |
| Disclaimer: |
Copyright © 2024 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. |
