Active

1112-1114 E Commercial Avenue

Lowell IN, 46356

$650,000


$273.34 per sqft

Active

2,378 sqft

Commercial

Built in 1987

The numbers herein don't lie - and the return on your money is not only STRONG - Its one of the best Ive seen with expanded use in the coming future. [I/R=V] : Rents Annual 48,000, Tax Annual 5,896, Insurance Annual 2,250 = Net MONTHLY Income $39,854 (This does not factor in an estimated annual budget for maintenance & repair and basically since all systems, roof & mechanicals are dialed in and for the most part have a LONG LONG life left: AGE: Roof 10+/-, AC 3-4, Boiler 15+/-, PAVED Lot NEW 2020) An investor will NO DOUBT and should factor that in but for now will leave it as a middle of the road base line scenario. NET ANNUAL INCOME=$478,248 and using the 10% rule for value for JUST the building WITHOUT any future increases (triple net here so you wont go down due to those expenses) is $480,000. And based on a bank appraisals INCOME APPROACH its very similar at $500,000. AS FOR THE EXTRA ACREAGE - even harder to find since SO FEW like places left along Commercial / State Rd 2 let alone w/entry access. The LOT ONLY portion of this package has 148'F/ 339'D which is 1.15 Acres VS O'Reilly's Auto Parts across the street having 258'F / 300' D and1.77 Acres that SOLD 2015 for 260K. A great comp since nothing like it LOCATION specific but there are a couple of the next most recent that incl Dunkin' Donuts w/tiny frontage of 100' / 222' for .51 Acre & SOLD for 250K in 2021 and then Taco Bell's Lot 158' / 175' .63 Acre SOLD for 300K in 2023 - JUST Sampling the 3 its clear the lots are selling for FAR more but for FAR less SF and simply taking the avg frontage @ $1,569 plf the xtra lot easily falls in the $232,000+ realm - and that's before factoring the access f/Commercial AND The West side parking lot of the current building. LOADS of expansion options, strip malls + stand alones. So VERY conservatively speaking a $712,000 value is substantiated - BUT, this is a complete package sale for $650,000 and set to move AS IS 2024 + 3 yr lease in place until January'27.

808219

MLS ID

August 8, 2024

Listed

November 22, 2024

Updated

Map

1112-1114 E Commercial Avenue
Lowell IN, 46356

Interior Features

Total Stories

1


Interior Features

Carpet, Varies, Ceramic Tile


Floor Description

Carpet, Varies, Ceramic Tile


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Natural Gas, Hot Water

Exterior/Building Features

Lot Size

1.75 Acres


Exterior Features

Storage


Lot Features

Corner Lot, Paved, Landscaped, Gentle Sloping, Few Trees


Roof

Asphalt


Sewer

Public Sewer

Other Property Details

Taxes

$6,115


Tax Frequency

Annually


Garage

No


Parking

Parking Lot, Private, Paved


Parking Total

36


View

Yes


View Description

Neighborhood, Trees/Woods


County

Lake


Municipality

Cedar Creek


Water Source

Public


Pool

No


Zoning

Commercial

Courtesy of SCHUPP Real Estate, John Schupp,
Listing Contact:  

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