This fully occupied retail strip mall with an 8% Capitalization Rate (CAP Rate) presents an enticing investment opportunity. Here are the key details about this property:
Prime Location: The property benefits from a high traffic count, which is excellent for attracting customers and ensuring visibility for the businesses within the strip mall.
Owner Occupied with Long-Term Tenants: The fact that the building is owner-occupied and has five additional tenants on long-term leases is a positive sign for investors. Long-term leases provide stability and a steady income stream.
Recent Upgrades: The property has seen recent upgrades, including a new roof, windows, flooring, lighting, garage doors and interior/exterior paint. These updates can help reduce maintenance costs and enhance the overall appeal of the strip mall.
Versatile Spaces: The presence of three drive-in garages (each 10x10 in size), office spaces, a kitchen, and an unfinished basement provides versatility for various types of businesses. This versatility can attract a diverse range of tenants.
Income Potential: The 8% CAP Rate is a key metric for investors, indicating a potentially favorable return on investment relative to the property's price.
Low Vacancy Risk: Given the long-term leases in place, the risk of vacancies is reduced, providing a more stable income stream for investors.