670 Hardy Way
Mesquite, NV 89027
Industrial Property For Sale

Fully rented. All tenants except one are on a year gross lease, which started approx 10/1/18.Current tenants are extremely reliable, long term, and no fuss, no muss. Current gross income $57,552 per year. Net, after taxes, utilities, insurance and management, $49,835.18. Net ROI/Cap Rate of 6.64%. Workshop tenant manages property in exchange for rent. AND, for a car collector or hobyist, or other local business, where you might use your own space and rent the rest out, one of the large, end spaces with 16 ft roll-up door is month to month, so could be available for owner use. That space is current income of $1000/mo. Likely all tenants would want to sign longer term leases, if you want to just keep them and feel secure with your investment. Recent rent increase and year leases put in place of month to month. However, still rented below market. All kinds of potential!!! Big roll up doors, big warehouse spaces, fully insulated multiple swamp coolers and wall units, a large, industrial size compressor, and a forklift.3 Interior Baths, 2 exterior Baths, and Numerous Shaded carports complete this Steel Structure (overall 80' x 170' Approx 21' high) that can be remodeled in any manner desirable to the new owner. Also you will find 2 office spaces, 4 warehouse spaces and a shop. (2) 16'x16' bay doors, (2) 12'x12' bay doors, (1) 12'x14' bay door. 3 Phase power and includes forklift and large commercial compressor. Fully rented with stable, seasoned NOI of $37,708.25 and tremendous potential to increase. No bad debt service. Click "View Property Website" for additional information. Updated rent roles and details as of 10/1/18 – 670 Hardy Way, Mesquite, NV 89027 The spaces within the building starting at the front (East End) Area 1, Area 2, Area 3, Area 4 and Area 5 (at West end). The leases and exterior building numbering refer to them as Unit #21, 22 and etc. Area 1 is leased by to an electrical contractor who has been in the building since February 10, 2015. Their new lease is for one year starting Sept 1, 2018. Area 2 is leased for one year commencing 9/18/18 to a local general contractor. Area 3 is leased by to an aggregate testing company. They have been in the building since January 2015. Their new lease is for one year starting Sept 1, 2018. Area 4 is space furnished at no cost to the manager of building and grounds in lieu of payment for complete management services. The manager was there when current owner acquired the property. He knows more about the property than anybody else. He was there with the previous owners and helped with the construction of office spaces and mezzanine decks. He would potentially stay on as manager under same or similar arrangement, or he could move out as may be necessary. Area 5 is leased to an individual who is a local collector and hobbyist, who has been there since April 2014. He is on a month to month carryover of the lease agreement since April 2015 and has not had any rent increase or been required to renew a lease. For an owner-occupier, this space which has 2632 SF of floor space, a private bathroom, a 16'x16' automatic roll-up door, and 925 sf of mezzanine space represents an opportunity. If an owner-occupier kept this one for themselves and left all other occupants in place with rents as is, the property would still have a 5% net cap rate/net ROI. Area 5 (A) Office is leased to an individual who was in the building when acquired by current owner in 2004. They originally occupied Area 1 as a business. In December 2014 the business operator retired and downsized from Area 1 to Area 2. And now downsizing again to Area 25 (A) Office. His new lease is for one year starting Sept 1, 2018. He uses it as miscellaneous storage. The Awning at the rear of the building (West end) is rented to an individual as covered RV storage. One dumpster space is rented to one of the other businesses in the complex. Monthly rents are as follows: Area 1 $1,792.00. Area 2 $1,008.00 Area 3 $ 896.00 Area 4 mgmt. Area 5 $1,000.00 Area 5 (A) $ 300.00 Awning $ 80.00 Dumpster $ 20.00 So, monthly = $4,796.00 gross, AGI $57,552, Ann. Expenses $7915, Ann. NOI $49,637 6.64% Net Cap Rate/Net ROI Two new large swamp coolers installed November 2018. All swamp coolers have all been replaced in the last 5 years. The older ones used very little as renters are very seldom there