Seller Financing Available
Gross Revenue: N/A
Real Estate: N/A
Custom Welding/Manufacturing Facility Incl. Bldg with Rental Income
This is a great opportunity for a welder, or a manufacturer to acquire a nearly fully rented building (~7,250 sf total area) with a fully equipped manufacturing space (~2,500 sf), ready for the buyer, or to be rented. The owner previously operated a successful custom truck building business on-site, but health caused him to slow down. An opportunity exists for the buyer to re-open the shop with the seller’s assistance. The seller has a database of recent customers and will introduce the buyer to them and assist in getting business operating again should the buyer have an interest in this business.
Presently, the owner's shop provides the buyer all the equipment needed to manufacture truck bodies (or a similar structural steel related business) and the opportunity to earn a significant income as a manufacturer. The fully equipped welding/manufacturing shop includes: a fork lift truck, welding equipment, cut off saws, compressor, shear/punch, 12 camera surveillance system and more. Should the buyer operate the shop, the rental income available adequately covers the building mortgage, permitting him to operate rent free! Alternately, the buyer may elect to rent the fully equipped shop to another operator and simply acquire this building as an investment property, with more than adequate debt service coverage for the investment. The Net Operating Income of $86,980 includes a vacancy allowance and maintenance allowance of $6,060 (5% allowance for each, $12,120 total). Seller financing is attractive and a sophisticated buyer should appreciate that this effectively lowers the acquisition cost, saving closing time and money. Typically, commercial banks will require a commitment fee of 1 to 2%, appraisal and other fees, including bank attorney fees. SBA backed loans can incur even higher fees.
Real Estate: Owned
Included in asking price
Building Sq. Ft.: N/A
Furniture, Fixtures, & Equipment (FF&E): Included in asking price
Facilities: Building is located on a corner piece of property (150 ft. X100 ft.) with access from two streets. The building has four shops on the first floor (with 14'6" ceilings) and five offices (3 on the first floor and 2 on the second floor, 1 of which is connected via a private stairwell to one of the downstairs offices). Each office has a private bathroom.
The shop areas have high (14 ft. 6in.) ceilings, and the building has three (3) overhead doors; one (1) in the rear (12ft.X14 ft.) and two overhead doors on the side (20 ft. X14 ft. 6in., each). The electrical service is heavy duty with 600 amps, 460 volt. In addition to the three rented shops, the building includes a fully equipped welding/manufacturing shop with fork lift, welding equipment, cut off saws, compressor, shear/punch, 12 camera surveillance system and more, providing a total of four (4) total shops on the first floor, each with a ceiling height of 14 ft. 6in. and a private bathroom.
Financing: 1/3 dn, 15 year term, with 25 year amortization at 4 1/2%.
Support & Training: Seller will support to the buyer to help him transition business and introduce him to potential customers.
Reason for Selling: Health forces sale.
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