518 Hedrick Ave
Martinsburg, WV 25405
Warehouse by US Hwy 81 - National Tenant · Industrial Property For Sale

There is one known older SOLD COMP at 1886 Winchester Avenue which is in walking distance to subject property. It consists of two smaller warehouse spaces and garage space consisting of 10,765sf with MUCH more restrictive use due to lower ceiling height, divided space, and limited loading/unloading options. It sits on .86 acre parcel. It is an older property. It sold for $535K or $49.70sf over a year ago. It was vacant when sold with no income stream. THE SUBJECT PROPERTY sits on .68 acre and the seller has assigned a land value of $6psf or $180K. The warehouse space is open with high ceilings, drive-in bays, loading docks,and office/showroom. The seller has assigned a building value of $60psf or $600K. The resulting market value is $780K which results in a cash-on-cash return (year one) of 7.4%. Returns are based on actual numbers (not projections). An investor should be able to increase the current below-market rents and convert the lease to a true NNN in the near future thereby increasing the ROI substantially. The subject property is a Retail Warehouse and Distribution Center for Sherwin-Williams Flooring Division. Excellent location within 1-mile of major highway (US Rt 81). High ceilings, bay doors, loading docks, offices, small showroom, and easy ingress/egress. Room for expansion via rear street access on public thoroughfare. Tenant is in last term of multi-option lease which gives buyer added value by increasing rent closer to market rates and converting tenancy to NNN. Solid investment with excellent upside. Serious inquiries only. Excellent 1031 opportunity as seller is flexible with closing date.