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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