4911 E Broadway Avenue

Description

Perfect Owner-User/Value-Add Retail Strip Center with Mixed Use! Per owner: Projected NOI $230,000... with ARV of $3.289M, that's a CAP RATE of 7%! Current CAP Rate about 4.5% with NOI at $130K (IF) at $3M listing price (repairs in process to delver restaurant as vanilla shell). Perfect for an owner-user with a value-add possibility to stabilize asset and create additional income producing revenue to increase cash flow ongoing and/or temporarily until a complete future redevelopment project is completed, if desired. This property is a unique mixed-use retail strip center/restaurant/office space/multi-family/light industrial and vacant commercial/outside storage, with an excellent location near I-4 access, and I-4 & I-275 corridor! Property boasts about 23,000 sq ft on over 2 Acres. Zoned Industrial General (IG), the property includes four 2-bedroom 1 bath efficiency apartments currently leased up at $850/month each with room for increases with current 7-month leases with a month-to-month evection clause for landlord with a 30-day notice. Property consists of three separate parcels, all owned by a corporation in good standing. The corporation can convey with sale if desired for potential tax basis savings benefits because the real estate is the only thing owned by corporation. The other potential benefit of purchasing the corporation with the real estate is an established low-cost lease for extra parking with bank next door, which could also create an additional approximate .50 acres of land, to the 2.12 acres currently owned by the corporation. Ask about details of the added value of tax savings benefits of personal property interests of the purchase of the corporation and the established lease included with the bank to possibly convey with sale. Owner is currently remodeling both the prior restaurant and the convenience store that is vacant on the east side of property. Restaurant was a 30-year prior tenant that did very well there but retired during COVID shut-down. Owner is having that unit completely remodeled to deliver as vanilla shell with hood installed and all electrical and plumbing updated for new tenant to assume buildout to specifications. The space next door to the restaurant was a convenience store and also a long-term tenant for landlord. That space could also be leased as an additional larger space for restaurant, a stand-alone separate store/office use, and/or partial additional space for restaurant combined with retail space use as well. Surrounding properties are mostly industrial or general commercial with railroad and public transit nearby, Checkers restaurant on the corner, McDonalds across the street, and Wachovia Bank next door (also the established parking lease).Asking $3.289M after renovations complete or make offer in current condition now!