Great cash-flowing investment property. Facility on 1.43 acres of C-1 ("Stripe Service Commercial") zoned property with 11,400 sq.ft. of leaseable building area, plus two additional covered storage areas in a fully fenced and secured yard area. 10,600 sq.ft. occupied by corporate tenant, industrial user, who has a long-term track record leasing this facility. Recently extended pure NNN lease through September 2022, with 2 additional 5 year term extensions remaining. Corporate guarantees. Separate building area with 800 sq.ft. leaseable space recently vacated by local publisher is available (If not re-leased by the time of sale closing, Seller will lease-back until occupied up to 12 months after closing). Annual NOI is $84,000 currently and main lease includes escalators in years 2018 and 2020.
The site is located in south Redmond with direct Hwy 97 exposure and protected access. Hwy 97 is the main North-South state highway through the middle of the state between the California and Washington borders. Formally known as "The Dalles-California Highway," traffic counts in the location of the subject property (which is between the Yew Avenue and Veterans Way interchanges) range from 25,100 to 27,500 daily car trips according to Oregon Dept. of Transportation counts taken in 2014. The site is also has easy access to nearby "Roberts Field" (Central Oregon's regional airport in Redmond with daily flights to numerous western region metropolitan areas). The C-1 zoning of the property permits a large range of commercial uses in addition to its current use.
