Patterson Property

Retail-Commercial for Sale
Catylist Listing ID: 30809285
Property Subtypes: Convenience Store, Free-Standing Building, Street Retail
Building Size (RSF): 2,800 SF
Gross Land Area: 3.07 Acres
Sale Price: $425,000
Unit Price: $151.79 PSF
Property Use Type: Vacant/Owner-User
Building Name: Patterson Property
Usable Size (USF): 2,800 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/22/2023

Overview / Comments

This site is a unique property. It has a very nice 2800 square foot building with frontage on SR. 7 & SR. 3. It has lots of parking. In fact, it was a car lot for many years and has been owned by the same family for years. It is licensed for up to 11 mobile home spaces that are grandfathered in along the rear of the property, however only six are in use and they do generate an income. There is a nice 1040 square foot building and a 1200 square foot pole barn both situated along the rear of the property. The 2800 square feet building is presently used by the Seller for his small business. All the income from the six mobile home spaces, the two outbuildings and the main building being used by the Seller generate an NOI of $33,500 per year. The Seller is planning on retiring and would continue to lease the main building for a short period or could vacate sooner if needed. This would be a great location for an owner/user or as a rental producing property. This also has the potential for a convenient store or several other street retail businesses.

Attachments & Media

Financials

Finance Data Year 2022
Real Estate Taxes - Annual($) $8,139 (Annual)
Gross Operating Income $41,640 (Annual)
Net Operating Income $33,500 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: North Vernon
County: Jennings
Taxing Authority: Jennings County
Tax ID/APN: 40-12-03-100-009.000-004
Zoning: COMMERCIAL
Retail Clientele: General
Property Located Between: SR. 3 & SR. 7
Property Visibility: Excellent
Largest Nearby Street: SR 7 & SR 3
Site Description: This site is a unique property. It has a very nice 2800 square foot building with frontage on SR. 7 & SR. 3. It has lots of parking. In fact, it was a car lot for many years and has been owned by the same family for years. It is licensed for up to 11 mobile home spaces that are grandfathered in along the rear of the property, however only six are in use and they do generate an income. There is a nice 1040 square foot building and a 1200 square foot pole barn both situated along the rear of the property. The 2800 square feet building is presently used by the Seller for his small business. All the income from the six mobile home spaces, the two outbuildings and the main building being used by the Seller generate an NOI of $33,500 per year. The Seller is planning on retiring and would continue to lease the main building for a short period or could vacate sooner if needed. This would be a great location for an owner/user or as a rental producing property. This also has the potential for a convenient store or several other street retail businesses.
Area Description: Excellent visibility on SR. 3 & SR. 7. It is located in a high traffic area and has a Marathon convenient store adjacent to it and a Shell station across the street.
Tenancy: Multiple Tenants
Total Number of Buildings: 3
Number of Stories: 1
Property Condition: Good
Roof Type: Gable
Construction/Siding: Vinyl Siding
Total Parking Spaces: 35
Parking Type: Surface
Air Conditioning: Package Unit
Interior Description: Presently used by the Seller for a retail store. Interior is in excellent condition.
Zoning Description: Commercial and is also licensed for up to 11 mobile home spaces.
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,046 8,721 16,001
Median Age: 36.38 36.62 37.15
Households: 1,153 3,409 6,047

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