Three Unit Retail Space in Wabash

Retail-Commercial for Sale
Catylist Listing ID: 30839024
Property Subtypes: Mixed Use
Building Size (RSF): 5,921 SF
Gross Land Area: 26,400 SF
Sale Price: $244,900
Unit Price: $41.36 PSF
Ceiling: 12 ft.
Property Use Type: Investment
Usable Size (USF): 5,921 SF
Sale Terms: Cash to Seller, Other
Cap Rate: 3.0%
Average Occupancy Rate: 67
Last Updated: 9/10/2023

Overview / Comments

Presenting an exceptional investment opportunity: a prime commercial space located on the coveted Cass Street/State Road 15. This three-unit property boasts an impressive 88-feet of frontage and direct access, making it highly desirable for businesses seeking excellent visibility and a steady flow of customers. With two units already occupied, immediate revenue is guaranteed, while the building's size allows for expansion and customization to further enhance income potential. Additionally, land to the west and south are also available to purchase for future growth. While minor maintenance issues exist, our team can guide you in addressing them to ensure a top-notch investment. Don't miss out on the chance to capitalize on the adjacent properties for sale and establish a dominant presence in this thriving commercial district. Act swiftly to secure this extraordinary opportunity and achieve substantial returns.

Financials

Finance Data Year 2023
Real Estate Taxes - Annual($) $9,393 (Annual)
Assessed Value - Total($) $311,500 (Annual)
Gross Operating Income $25,200 (Annual)
Net Operating Income $6,799 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name iMassage
Industry Type Retail Trade
Is Renting? Yes
SF of Space Occupied 1,986 SF
Current Rent $4 PSF (Annual)
Escalations None
Options Month-to-Month
Tenant Business Name Chiropractic Service Station
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 1,967 SF
Current Rent $4 PSF (Annual)
Escalations None
Options Month-to-Month

Additional Details

Nearest MSA: Wabash
County: Wabash
Tax ID/APN: 85-14-03-404-003.000-008 & 85-14-03-404-002.000-008
Zoning: GB, GENERAL BUSINESS
Property Located Between: US 24 and Harrison Avenue
Property Visibility: Good
Largest Nearby Street: Harrison Avenue
Feet of Frontage: 88
Highway Access: State Highway - one access point
Site Description: Level, rectangular lot.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,921 SF
Property Condition: Average
Year Built: 1964
Roof Type: Flat
Construction/Siding: Block, Brick, Stone
Exterior Description: Concrete block construction with stone and brick veneer on the front.
Total Parking Spaces: 12
Parking Type: Surface
Parking Description: Off-street asphalt parking lot
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: 1018 N Cass St is currently used as a massage therapy and beauty salon. 1020 is vacant. 1022 currently used as a chiropractor office. Flooring is concrete, carpeting, linoleum. Walls are concrete block, drywall, paneling and none. Ceilings are ceiling tile and none.
Zoning Description: General Business which allows for most office, retail uses
Lot Frontage: 88
Lot Depth: 300
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: None
Land Ownership: Owned
Legal Description: PT SE 1/4 03-27-06 0.17 ac PT FR NE 1/4 10-27-06 and PT FR NE 1/4 10-27-06 0.5165 ac PT SE 1/4 03-27-06

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,428 11,528 13,361
Median Age: 42.24 41.3 42.02
Households: 2,352 4,816 5,543
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