1640 Lockwood Rd

11788

Property ID

10,080 sf

Size

$1,075,200.00

Description

AVAILABLE SPACE
10,080 SF

ASKING PRICE
$1,075,200

AREA
Building SF: 10,080 SF
6720 SF – warehouse (115′ x 60′)
1680 SF – lower level office (27′ x 60)
1152 SF – upper level office (27 x 48)
528 SF – storage (20′ x 12′) Parking Lot : 2.2 Acres yard space with 13,264
SF Concrete, 12,770 asphalt pavement
Steel building with wood frame insulated R30X24 in 2018

PROPERTY OVERVIEW
Property is located in industrial area with good highway access and exposure. Lot
line to be surveyed and recorded prior to closing.
National tenant currently occupies the space ending Feb 28th, 2022, with 12
month extension. Lease rate is $8.83 SF Single Net currently. (NNN in 2020 is
approximately $1.61 SF/YR)

Current Cap rate of 6% to be determined with 89,016 Gross rents.
National tenant pays $7418 Month + Utilities
Current expenses are spread across two buildings and are approximately
$22,125 year for 1640 Lockwood rd.

Property is also listed for lease at 8 SF BASE, $1.61 SF NNN. $8072.40 Month +
utilities.

*** Sale price at $1,075,200 with listed lease rate shall achieve 7.5% cap rate.
NOTE: Seller may prefer Owner financing via Trust Indenture – 25% down, 5.5%
interest, 20 year amortization, 5-7 year balloon

Highlights

Utilities : Lockwood Public ( MDU, NWE)
Heat : 6 Gas furnaces throughout / HVAC Air Conditioning in Offices
Roof: 60 MIL TPO Membrane roof replaced in 2018 with Warranty