Strip centers better than Apts. - Posted by Bill Taylor
Posted by Bill Taylor on July 05, 2005 at 19:24:29:
I have a deal set up now to buy a stip center if all due diligence goes well. The purchase agreemet is with my attorney. If all goes with the purchase agreement we will proceed to giving the earnest money. This strip center was built 2002. I just got the numbers today.
currently 6 spaces with one empty
leases run some til 2012 some til 2013
no national tenants (one resturant doing very well though large draw
CVS located on the property but does not go with the deal
purchase price $2,200,000
3500 new jobs with an army accounting center across the street
all expenses as well as management fee passed on to the tenants for a NNN property deal
good upside with the vacant unit available to rent for another 3000 a month in rental income.
The building is all brick and very well built for all appearances. Not a flat roof but a shingled pitched roof with dormer look above
Very nice area with a lot of growth