Asking price is $800,000.
I have local and nationwide lenders ready to lend to local and out of state buyers. This would be a great opportunity for someone conducting a 1031 exchange with at least $200,000 cash in hand.
Here is the breakdown for your cash on cash at the asking price.
With 25% down = $200,000 down payment.
Assuming 5.5% interest only, payments are $33,000/year.
$65,794 - $33,000 = $32,794
$32,794/$200,000 = 16% Cash on Cash in the first year
Rents go up by 2.5% per year. Two 5-year options remain, three options have been used already.
RBS Citizens Bank is a public credit rated bank. I have this tenant's leases going back to 2006. Prior to 2006, this branch was Charter One Bank from at least 1994, and we believe there has been a bank here since it was first constructed in the 1950s. Recently renovated in 2011.
For full disclosure, the main downside to underwrite the risk of this property is that the demographics of East Toledo, Ohio indicate above average crime and vacancy rates. With that said, this is a location that is likely to stay for many years and continue to pay its below market rents.
PM or call, 6502040236
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