Great Investment Opportunity - Tenants are Established Automotive Businesses

Description:
- PRICE REDUCED! - 11.8% PROFORMA CAP RATE - DOUBLE NET LEASE WITH 4% ANNUAL INCREASES - OPPORTUNITY TO INCREASE INCOME BY EXTENDING HOURS - GREAT LOCATION FOR CAR DEALERS AND DRIVE-BY TRAFFIC This investment opportunity includes the car wash business and real estate. The real estate includes an additional income property located in a separate building on the same lot. Alexander' s carwash has operated in this proven south Broadway location for over 30 years, and is surrounded by numerous new and used car dealers who regularly bring their cars to Alexander' s to be cleaned. There is a significant opportunity to increase income by extending business hours to accommodate more drive-by traffic. Existing customers (non-contract) include Burt Automotive, Landmark Lincoln Broadway, Mercedes-Benz of Littleton and many local independent car dealers. Current hours are 9:00 AM 5:00 PM Monday through Saturday. Similar businesses are frequently open on Sundays, and stay open until 7:00 PM each day. Adopting a similar business plan would likely result in a large increase in gross income. The long term tenant (transmission repair shop) pays $5,304 per month rent and has just exercised their 2nd five year option. The NNN lease (owner pays for tax and insurance) includes 4% annual increases and a 3rd five year option.
Members profile:
Advertised by:	Jeff Johnson (click here to see full profile)
	Grade Jeff Johnson
Email:	jjohnson@pinnaclerea.com
Ad Details
Garage Spaces (put 0 if this does not apply)	15.00
Auto Use Allowed	Yes
Property is	For Sale
Parking Spaces Outside	30
Price	$1,485,000 USD
Price Information:	Leased 100% to multiple tenants
Property Types	Vehicle Related, Flex Space
Land Types	Retail, Commercial Other
Size & Value
Bldg. Size (Sq. Ft.)	13,448
Price/Sq. Ft.	110.43
Cap Rate	11.80%
Lot/Parcel Size	28,000 sf
Use & Status
Best Property Use	This is an investment property
Unique Sale Issues
Type of Sale	Real Estate Agency Sale
Tenants with Current Leases	Yes
Occupancy (in %)	100%
Lease Type	NNN
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Website	http://www.loopnet.com/xNet/mainsite/Flash/Profile.aspx?LID=16398594
Location
Address	2600 S. Broadway
City	Denver
State	CO
Postal Code	80210
Country	USA
Call Me!
Phone	(303)962-9556
Ad id:	8289929
Ad views:	1720
Current rating	Grade
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