strip mall value?
I am purchasing a strip mall for in Ohio.
FACTS:
- Roughly 10,000 sq ft
- 33 parking spaces
- very busy road - great signage/visibility
- surrounding areas can be questionable (growing subsidized housing)
- 3 long term tenants (subway, metro PCS, optometrist)
- Optometrist currently owns building and occupies 70% of space. They will sign a 5 years lease
- triple net lease but I pay all expenses then get reimbursed from tenants every month
- I make a 15% management fee on all of the triple net expenses
- Yearly net income - $114,000
Can you give me an idea of what this property should sell for?
THANK YOU ALL!!!!!
Ash