Wilkes Barre PA - 8% cap Triple Net Lease Commercial Property

[Stephen Chatto]

I am working on a deal in Wilkes Barre, PA. I am looking for a strategic partner to JV with me on this deal.

The Purchase Price is 910k.   

The property is a 2 acre commercial site with warehouse/loading docks, showroom, and office space.  

The tenant has been there for quite some time, but about 1 year ago got bought out by a NSYE company.   At that time they signed a 1 year lease.   The new owners liked the location and re-upped for another 5 year lease this year.  The income goes up about 2k per year and the tenant pays for EVERYTHING.  No Expenses.   It is a construction supply company.  

The property just recently got a 500k loan on it at 4%, 5yr Balloon, and 20 year amortization.  That loan is non-recourse loan with no personal guarantee, and can be assumed in the deal.  Payments on the loan are like 3k per month.  

So if you know anyone looking to work with me and JV on the deal, Please let me know, and we can get into the details a little more.

Thanks, 

Stephen Chatto