Seller Financing Is Available! This multi-tenant property has two long-term tenants with extremely low rental rates. This income producing opportunity carries a large amount of upside and flexibility. Rental rates in the area are significantly higher than the current rental rates as they have not been raised in over 5 years! The owner has owned the property for over 30 years and has little to no issues with the tenants so he has let the property continue to run as is. The ability to raise the rents instantly to increase the NOI is rare, especially in this location. Both tenants have expiring leases in 2018, which allows for an instant increase in rental income. The main tenant in the building is Ross Yacht Sales, which has occupied the space for over 9 years and has consistently improved their space. Ross Yacht Sales is a well know local business in the community and is known as one of the best in Yacht Sales in the country. Next door to Ross Yacht sales is The little Thrift Shop, which has occupied the space for over 10 years! Lastly, both tenants are responsible for all water, utilities, sewer, and trash, making the operating expenses for this property extremely low! Tenants pay for all electric, water, garbage and, sewer making the operating expenses very low for this amazing property! This concrete block retail center is in fantastic condition and the owner has made many improvements to the property over the past 2 years. In 2016, the owner replaced the A/C units, and the entire roof of the building. With the major items being in brand new shape, the buyer will have almost no Capex expense after purchasing the building.
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Retail Space
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