Payne Enterprise

Withdrawn Industrial for Sale
Catylist Listing ID: 29778983
Property Subtypes: Manufacturing, Mixed Use, Light Industrial
Building Size (RSF): 22,780 SF
Gross Land Area: 4.50 Acres
Sale Price: $630,000
Unit Price: $27.66 PSF
Ceiling: 16 ft. / 14 ft. Clear
Docks/Doors: 2 Docks, 6 Doors
Office SF: 2,000 SF
Drive In Bays: 5 Bays
Property Use Type: Vacant/Owner-User, Business
Building Name: Payne Enterprise
Usable Size (USF): 22,780 SF
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: 10.0%
Withdrawn On: 10/4/2017
Last Updated: 10/4/2017

Overview / Comments

A unique opportunity for single or multiple businesses, sitting on 4.5 acres just south from US 20 in Kankakee Township. This complex will be vacant by end of August 2017. This will open up the opportunity to have multiple uses; storage, trucking terminal, engine repair/rebuild, or vehicle restoration and painting. There are 6 buildings (total of 22,780 sq ft), 1 with a loading dock, all serviced with 3 Phase power and natural gas. 1 building is an office complex, with 5 offices, 2 bathrooms, shower and break room. An outside loading dock is surrounded by a concrete surface to allow the handling of large machinery. The buildings are steel siding and roofs, with little deferred maintenance. Well and septic serve the domestic needs.

Financials

Finance Data Year 2014
Real Estate Taxes - Annual($) $11,703 (Annual)
Potential Rental Income $78,900 (Annual)
Net Operating Income $78,900 (Annual)
Gross Operating Income $525,000 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Michigan City-La Porte
County: La Porte
Taxing Authority: La Porte County
Tax ID/APN: 460717300011000052, 460717400008000052
Zoning: SMALL RETAIL & GENERAL WAREHOUSE (CURRENT USE GRANDFATHERED)
Market Type: Medium
Property Located Between: US 20 and I-90 (Indiana Toll Rd).
Side of Street: South
Road Type: Paved
Transportation: Highway
Highway Access: 1/2 mile South of US 20
Site Description: Set in a rural location with frontage on CR 150 E
Area Description: Mainly agriculture.
Total Number of Buildings: 6
Number of Stories: 1
Typical SF / Floor: 3,000 SF
Property Condition: Good
Year Built: 1976
Year Renovated: 2003
Roof Type: Gable
Construction/Siding: Wood Frame
Exterior Description: Metal siding on all buildings. Concrete, asphalt and gravel surfaces.
Parking Type: Surface
Parking Description: Concrete, Asphalt and Gravel
Overhead Cranes: Undisclosed
Amps: 600
Volts: 440
X-Phase: 3
Heat Type: Space Heaters, Other
Heat Source: Central
Air Conditioning: Engineered System
Lighting: Fluorescent, Incandescent, Mercury Vapor
Interior Description: Consistent with the use of the individual buildings
Zoning Description: Small Retail and general Warehouse (current use is grandfathered in)
Land Ownership: Owned
Legal Description: Legal descriptions of both contiguous parcels is on file, 2.37 +/- acres and 2.19 +/- acres.

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 13,355 33,070
Median Age: 36.35 39.17
Households: 5,101 13,024

Contact

Photograph of Listing Agent

Robert Macmahon

RE/MAX COMMERCIAL PROPERTY SOLUTIONS ICREX Member
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