PRICE REDUCED FOR A CLOSING BY 12/31/2019 and $500 bonus to buyer’s agent. If you also purchase the seller’s other property at 28440 Old 41 Road in Bonita Springs, and close it by 12/31/19, the price for both properties will be reduced another 5%.
A VALUE ADD Investment opportunity with an 8.42% CAP rate and just under 2 years left on the existing lease. Current rent at $10.30 per square foot is well below market and when the lease expires (no tenant options to extend) in April of 2021 you can boost your return by obtaining a higher rental rate that more closely matches the market, around $12 psf currently. That would result in a CAP rate over 9.8% This is a triple net lease with tenant paying all pass-through expenses (condo fees, real estate taxes, etc.) in addition to the base rent of $19,879 per year. Lease also includes a provision that lease can be terminated upon sale of the property, so your buyer may have the tenant vacate with 30-days notice if desired. The property is located in Preserve Plaza, a 16-unit retail/office strip center in the San Carlos area that fronts US 41/S. Tamiami Trail with excellent visibility in South Fort Myers/Lee County.
- $236,062- close by 12/31/19
- Value Add opportunity
- 8.42% CAP rate based on actual NOI
- 3% annual base rent increases
- Lease expires 4/30/2021
- 1930 SF fully rented retail/office condo
- Frontage on US 41/Tamiami Trail South
- High traffic counts and visibility
- Well-maintained retail/office strip center
- 8.42% CAP rate