Homes for sale - 1112-1114 E Commercial AVE, Lowell, IN 46356

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$650,000

Est. payment - /mo

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2,378 SqFt

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1112-1114 E Commercial AVE Lowell, IN 46356

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Christina Steele

christina@maptorealestate.com +1(574) 209-1010

UPDATED:

08/08/2024 11:01 PM

Key Details

Property Type Commercial

Sub Type Retail

Listing Status Active

Purchase Type For Sale

Square Footage 2,378 sqft

Price per Sqft $273

MLS Listing ID 808219

Year Built 1987

Annual Tax Amount $6,114

Tax Year 2023

Lot Size 1.750 Acres

Acres 1.75

Lot Dimensions 131.98 x 204.38 & 148' x 339'

Property Description

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.

Location

State IN

County Lake

Zoning Commercial

Interior

Heating Hot Water, Natural Gas

Fireplace N

Exterior

Exterior Feature Storage

View Y/N true

View true

Building

Lot Description Corner Lot, Paved, Landscaped, Gentle Sloping, Few Trees

Others

Tax ID 45-19-23-481-006.000-008

Acceptable Financing NRA20240807142555586056000000

Listing Terms NRA20240807142555586056000000

Listed by SCHUPP Real Estate

Feel free to call, text or email and we will respond to help as soon as possible. We look forward to talking with you.

+1(866) 285-2773

atlasfrontdesk@maptorealestate.com

1112-1114 E Commercial AVE Lowell, IN 46356

Christina Steele

Key Details

Location

Interior

Exterior

Building

Others

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1112-1114 E Commercial AVE