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 $33,500 per year. The Seller is planning on retiring and would continue to lease the main building for a short period or could vacate sooner if needed. This would be a great location for an owner/user or as a rental producing property. This also has the potential for a convenient store or several other street retail businesses.
|
Financials
| Finance Data Year |
2022 |
| Real Estate Taxes - Annual($) |
$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 |
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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The information presented herein is provided as is, without warranty of any kind.
Neither Indiana Commercial Board of REALTORS® nor
Moody's assume any liability for errors or omissions.
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