Two buildings next to each other rented to the same tenant. Great tenant. Lease rate is currently $10 per sqft and goes up to $11.25 in mid 2019. Landlord and tenant have done a lot of improvements to property and it is expected that tenant will stay in property long term. Current lease was signed in June 2018 and expires in May 2020. Tenant does have first right of refusal to purchase. Net Income today is $47,785 and after increase bumps to $54,504. Fair market rent is closer to $12.50-$13.50 per sqft. Current lease is a modified gross with landlord being responsible for HVAC and roof both of which are in great condition. There is an assumable first mortgage on property but the loan has a short amortization term. Currently a 7.96% cap rate but with rent increase it bumps to over a 9.0% cap rate in 2019.

Built: 2004

Units: 2

Parking: 3.7 spaces per 1,000 sq. ft.


The Property is For Sale

Asking Price: $600,000

Building Size: 5,400 SQ FT

Lot Size: 2614

Cost per Square Foot: $111.11

Sherman & Hemstreet Real Estate Company
3004 Riverwatch Lane
Augusta, Georgia 30907
United States

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Joe Edge, SIOR, CCIM
706.288.1077
jedge@shermanandhemstreet.com

www.shermanandhemstreet.com/

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