Catylist ID: #30344122
49 SELF STORAGE UNITS & MIXED USE INVESTMENT
Retail-Commercial for Sale
Sale Pending/ContingentAlso listed as Special Purpose, Business Opportunity
|Catylist Listing ID:||30344122|
|Property Subtypes:||Convenience Store, Free-Standing Building, Mixed Use, Restaurant, Street Retail, Vehicle Related, Other|
|Building Size (RSF):||11,000 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||1.75 Acres|
|Unit Price:||$56.82 PSF|
|Property Use Type:||Net Leased Investment (NNN), Investment, Vacant/Owner-User|
|Sale Terms:||Cash to Seller|
Overview / Comments
This excellent investment property will not last! Ideal for a 1031 Exchange. Financial information available upon receipt of a NDA as per attached. 9.2% CAP rate using reserve, management fee and vacancy as well.
49 Self Storage units TOTAL - PINE TREE SELF STORAGE - fully rented with a waiting list - room for expansion of units at both Building #1 and Building #2. Also a main building with one lovely 2-bedroom apartment - Owner occupied (will vacate upon sale) and one very large studio apartment under a lease until September 30, 2021 at $800 per month plus the Tenant pays utilities - both separately metered for utilities. Owner's apartment has a new dishwasher. There is also a 1,000 +/- SF retail store with central air, selling antiques and 2nd hand furniture with a UHaul Rental Office as well generating income. The Owner currently operates the retail store - ideal for a User/Investor or to lease out. Very easy to manage property in great condition!
Front half of roof new in 2017 and rear half of roof new in 2016!
The Main building was built in 1986 and remodeled in 2004. Self Storage Building #1 was built in 2001 and the Self Storage Building #2 in 2004. This property was once the home of the Pine Tree Family Restaurant which seated 70 people. Over years 2001-2004 the restaurant was converted to the existing Main building today. Original plans of restaurant which occupied the retail store and 2-bedroom apartment still exists.
The Owner recently received Planning Board approval to build 2 apartments in the Main Retail building. There will be a 2-bedroom apartment on the 1st floor and a 1-bedroom apartment on the 2nd floor with a deck. Projected rents are $1,300 per month for the 2-bedroom apartment and $850 per month for the 1-bedroom apartment. The tenants would pay their own separately metered utilities. Another option for a buyer and/or investor to create the apartments.
There is a 3,000 gallon septic tank and a 500 gallon septic tank (still used and was installed for when there was a restaurant). Leachfield inspected September 12, 2019 and is completely clean. Septic was pumped 2018 and upon September 12, 2019 inspection, does not need to be pumped at this time.
Owner just completed having the water filtration system all redone, tanks cleaned and put in a new 80 gallon pressure tank, June 2020.
Attachments & Media
|Finance Data Year||2019|
|Real Estate Taxes - Annual($)||$13,114 (Annual)|
|Tax Value Land||$145,000|
|Tax Value Improvements||$429,400|
|Assessed Value - Total($)||$574,400 (Annual)|
|Retail Clientele:||General, Family, Business, Traveler, Tourist, Recreation, Other|
|Property Located Between:||Corner of Route 28 and Watson Road|
|Highway Access:||Route 28 and Minutes to Routes 4 and 202|
|Total Number of Buildings:||3|
|Number of Stories:||2|
|Construction/Siding:||Brick, Metal Siding, Wood Frame|
|Exterior Description:||Very well maintained property with more than ample on-site parking.|
|Parking Type:||Structure, Surface|
|Heat Type:||Propane, Other|
|Proximity:||3 miles||5 miles|
Wendy E. KeelerFairway Real Estate, LLC
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