hey all i own a piece of property that has 6000 sqft retail space, it is mainly a shell branded gas station with two shopping spaces. it is all leased out the rent i collect is about 145k year. the taxes and insurance run 10k for the year. what do you think would a fair price to sale the real estate at? it is right in the best neighborhoods in the city and all the development is happening around the site. i think my building will appraisal for the amount I'm looking to get around 2.2 is that a reasonable asking price?
I would have to know the address and see the property. Is it in Warner Robbins??
Are you trying to sell the business and the real estate or is there an owner operator there and you just collect the rent for the gas station and the other 2 tenants??
2.2 million is pretty high.
At 135,000 NOI that would be a 6 cap with just the taxes and insurance showing but there are more expenses than that.
Are you trying to do an outright sale or a sale leaseback?? Commercial is what I do day in and day out. How many acres is this parcel??
thanks for the reply Joel,
The property is located near lakejoy and highway 96. If your familiar with the area. I have leased out the convenience store and other 2 buildings. With the 3 tenents I'm collecting 12k each month in rent. The parcel is 2 acres.
I have been down there a few times looking at larger apartment buildings for clients. Some parts of Warner Robbins are great and others not. This seems to be a node where a bunch of growth is occurring.
The highest prices paid for land is from pharmacies specifically Walgreens and CVS. I already see a Walgreens has gone up there.
What you can get for an existing product to sell is based on who is guaranteeing the leases. How long the current tenants have been there and pay history?? ( seasoning )
There are a ton of other factors. Why are you currently wanting to sell your property?
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