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: | 9/12/2022 |
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 |
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