Description

For Sale:

Current lease-term has been extended to 2016.

Property is being offered at an 8% Cap Rate with $237,916.25 mailbox income per year for the years 2010-2016.

Tenant has four unexercised 5-yr option terms remaining, the first of which, if exercised, would commence on November 01, 2016.

The following information has been noted from an appraisal report on-file with the seller:

The B-4 zoning allows for most commercial type uses and property is large enough to accommodate almost all of the legal uses except maybe a very large shopping center. It is however most likely large enough to accommodate a smaller neighborhood shopping center.

Improvements to the property have been very well maintained over the years.

The highest and best use as improved is the present use as a supermarket with the potential to develop several pad sites.

The highest and best use as vacant is to be developed into a neighborhood shopping center with either connecting businesses or one large anchor tenant and several pad sites for other complimentary businesses.
For additional information go to:

http://cie.remax.com/jsp/listings/listing_overview.jsp?listingID=20163

Northern Ave/Hwy 78 to Prairie Ave south to property