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$ 2,350,000
Est. payment | /mo
1 Bath
11,000 SqFt
$ 2,350,000
Est. payment | /mo
1 Bath
11,000 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Approx. Sqft 11000
Square Footage 11,000 sqft
Price per Sqft $213
Subdivision Tillsonburg
MLS® Listing ID X14085316
Lot Size 11000.000 Acres
Acres 11000.0
Property Description
Excellent opportunity to own approximately 11,000 sq. ft. of industrial property with 5+ years of operation. Zoning allows for cannabis cultivation. 400 amps, 600 volts (3-Phase) electrical service. Building Size: Approximately 11,000 sq. ft.Year Built: 2021Zoning: MG - IndustrialLand Size: 0.71 acresLocation: Industrial/commercial area just off Highway 3Electrical Service: 400 Amps, 600 Volts, 3-PhaseWater Supply: Municipal water with a 1-inch service lineSewer: Connected to municipal sewer systemNatural Gas: Large natural gas service lineBuilding DimensionsMain building: 60 ft. 156 ft.Additional attached section: 35 ft. 26 ft. 14 ft.Major Renovations and Improvements: The property has undergone approximately $500,000 in renovations and improvements. At the time of purchase, the three HVAC units, each rated at 25 tons, had been removed. The seller subsequently reinstalled all three units, providing a total HVAC capacity of 75 tons. Existing Tenant and Investment PotentialMonthly Rental Income: $13,550Annual Rental Income: $162,600Remaining Lease Term: Approximately 2 yearsAsking Price: $2,350,000Approximate Gross Rental Yield: 6.92% annuallyBased on the current rental income, the property offers an approximately 7% gross annual rental yield before expenses. Vendor Take-Back (VTB) Financing: The seller is willing to provide 50% vendor take-back financing in first position, subject to mutually acceptable terms and due diligence. This financing opportunity may allow a qualified purchaser to acquire the property with reduced upfront capital requirements. A compelling opportunity for investors and owner-users seeking a modern industrial property with existing rental income, substantial improvements, and potential vendor financing. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Forced air
Cooling Fully air conditioned
Exterior
Parking Features No
View Y/N No
Attached Garage No
Total Parking Spaces 21
Garage No
Private Pool No
Others
Virtual Tour https://youtu.be/HsCTxAJEOVo?si=1lx1lg_UCxd94zcx
Listed by CENTURY 21 MILLER REAL ESTATE LTD.
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