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296-298 London Rd 2,025 SF 100% Leased Retail Building Westcliff On Sea SS0 7JJ $500,507 ($247.16/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Retail (A1)
- 2427 Approx Sq Ft
EXECUTIVE SUMMARY
A freehold, double fronted, retail outlet situated on the south side of the popular London Road (A13) Westcliff. Short stay roadside parking bays are available outside the premises. The freehold consists of 2 flats above sold off on leases.
The ground floor retail unit is currently occupied on a 20 year lease producing £18,750. Plus VAT per annum. We have been informed that ground rents have not been collected in recent years for 296a & 298a London Road. 298a has 62 years remaining on their lease.
The ground floor retail unit is currently occupied on a 20 year lease producing £18,750. Plus VAT per annum. We have been informed that ground rents have not been collected in recent years for 296a & 298a London Road. 298a has 62 years remaining on their lease.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Residential
Building Size
2,025 SF
Building Class
C
Year Built
1930
Price
$500,507
Price Per SF
$247.16
Cap Rate
6%
NOI
$30,030
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.90
Lot Size
0.05 AC
Frontage
36’ on London Rd
AMENITIES
- Bus Line
- Courtyard
- Signage
- Storage Space
1 1
NEARBY MAJOR RETAILERS
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296-298 London Rd
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