Catylist ID:
#30741553
| Catylist Listing ID: | 30741553 |
| Property Subtypes: | Free-Standing Building |
| Building Size (RSF): | 15,540 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $2,950,000 |
| Unit Price: | $189.83 PSF |
| Property Use Type: | Net Leased Investment (NNN) |
| Sale Terms: | Undisclosed |
| Cap Rate: | Undisclosed |
| Last Updated: | 6/13/2022 |
Overview / Comments
|
Subject Property is located at 2100 Acushnet Ave in New Bedford, MA. Property is a commercial building on .89+/ AC of land with a total of 15,540+/ SF building. CVS occupies 8,820+/ SF, with 6,720+/ SF in the back of the building. CVS has exercised their second option to renew, extending the lease out to 1/31/2027. There is one (1) additional 5 year renewal option remaining. Landlord is responsible for the roof and structure. Landlord is responsible for 27.5% of CAM expenses, with CVS paying 72.5% of the CAM expenses. The 6,720 +/ SF in the back of the property is an excellent redevelopment opportunity for additional income! The rear of the building is 2 stories, currently with two tenants paying minimal rents. **These rents are not included in the rental income on the property. Property is zoned Mixed Use Business allowing for apartment use. *Rent is based on the 2022 rent increase. Seller will provide a pledge account to bring the 2021 rent to $190,531.00 CVS Rent Schedule: Current (2/1/20171/31/2022) $176,418 Option 2 (2/1/2022 1/31/2027) $190,531 – CVS has exercised this option already! Option 3 (2/1/2027 1/31/2032) $205,773 Current Landlord Expenses = $21,165.00 Current NOI = $169,366.00 Average daily traffic count 9,923 cars a day! |
Attachments & Media
Additional Details
| Nearest MSA: | Providence-Warwick |
| County: | Bristol |
| Tax ID/APN: | 106/105 |
| Zoning: | MIXED USE BUSINESS |
| Lot Frontage: | 190 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 16,651 | 77,475 | 136,973 |
| Median Age: | 38.56 | 38.86 | 39.32 |
| Households: | 7,063 | 31,921 | 54,672 |
| © Copyright 2001-2022 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions. |
