Fabulous investment opportunity. Hands off and cash rich investment for at least 5 years, then great upside potential for lease extensions, new development or re-development. Very versatile 8100 sq ft building on .66 acres flat of flat land currently zoned I1 Industrial in a high traffic and developing area. Very versatile building with lots of life left in it. 5994 sq ft main level including; main rental / reception hall, commercial kitchen, 2 lounges, storage room, gaming area, washrooms and office. Approximately 2130 sq ft of basement with meeting room, washrooms and walk in cooler. Land is all flat with approx 34 parking stalls and even some serviced guest RV sites in the rear. The property is currently owned by the Vernon Fraternal Order of Eagles Home Society and they have just leased the property back to themselves for a 5 year term plus renewals. The lease is a pure triple net lease at $5,000 per month plus renewals with the tenant paying ALL expenses for a hassle and management free investment. At the full asking price the cap and ROI is a very healthy 6.7% and it would be hard to go wrong with commercial or development property is this growing and developing area. More photos, virtual tours, floor plans, aerial images, google maps, plot plans, and information at www.vernonrealestate.com Will be sold by sealed bids on April 15, 2019 (id:2579)
Listing courtesy of RE/MAX Vernon.
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