An Investor's Delight! 30-year active NNN lease w/option to purchase

Apple Valley, CA (San Bernardino County)

An Investor's Delight! 30-year active NNN lease w/option to purchase

Asking Price:$4,490,000

Gross Revenue:N/A

Price/Sq. Ft.:$104.00

NOI:$23,000

Building Sq. Ft.:43,050

FF&E:N/A

Year Built:1989

An Investor's Delight! 30-year active NNN lease w/option to purchase

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Property Description

An Investor's Delight! 30-year NNN lease w/option to purchase ($6.5M beginning on the 6th year or July 01, 2020). The tenant, a Christian School founded in 1976, continues today with 40 years! The school comprises of Daycare, Preschool and K-12 grade students. Since 2014, student enrollments have increased and continues to climb with local and foreign exchange students. An investor with foreign contacts could further assist the tenant in increasing its foreign exchange student population. Doing so, reduces risk and increase monthly profits to $36,000.00 monthly, $432,000.00 yearly + future CPI increases. The building’s Oct 01, 2014’s estimated appraised value based on the completion of improvements of phase 2 (completed 1st Qtr. of 2015) documents $4,540,000.00. The appraisal calculated 42,750 SF though building plans indicate 43,050 SF or 300 SF additional x $106 SF (factor used) = $31,800.00 + the adjacent 1.515-acre vacant land at a value of $155,000.00 (included with purchase) brings the 2014 value to $4,726,800.00. Add 8% increases for the past 2-years and realize a valuation near $5.5M. Of course, use your own valuation for your offered price.

Detailed Information

Type:
Other Business Real Estate
Building Sq. Ft.:
43,050
Building Status:
Established
Facilities:
An Investor's Delight! 30-year NNN lease w/option to purchase ($6.5M beginning on the 6th year or July 01, 2020). The tenant, a Christian School founded in 1976, continues today with 40-years! The school comprises of Daycare, Preschool and K-12 grade students. Since 2014, student enrollments have increased and continues to climb with local and foreign exchange students. An investor with foreign contacts could further assist the tenant in increasing its foreign exchange student population. Doing so, reduces risk and increase monthly profits to $36,000.00 monthly, $432,000.00 yearly + future CPI increases. The building’s Oct 01, 2014’s estimated appraised value based on the completion of improvements of phase 2 (completed 1st Qtr. of 2015) documents $4,540,000.00. The appraisal calculated 42,750 SF though building plans indicate 43,050 SF or 300 SF additional x $106 SF (factor used) = $31,800.00 + the adjacent 1.515-acre vacant land at a value of $155,000.00 (included with purchase) brings the 2014 value to $4,726,800.00. Add 8% increases for the past 2-years and realize a valuation near $5.5M. Of course, use your own valuation for your offered price.
Current Property Expenses:
30 year NNN Lease with 28 years remaining as of July 01, 2016
Location Description:
NE Corner of Ottawa & Nomwaket Rd. & Includes Adjacent Vacant Acreage North.West of Central and East of Navajo Roads, 2-blocks South of Hwy 18 Apple Valley, CA 92307 and near the Apple Valley Post Office.
Current and Prior Use:
Private School - Daycare & Preschool to 12th grades after $2M + in Tenant Improvements.Prior usage: Cabinet Manufacturing Facility
Business Website:
http://22230ottawaroad.eproptours.com/

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Gary E Barnes

Property Listed By:
Gary E Barnes

California Life Properties, Inc

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