Industrial/Office Building, w Fully Equipped Custom Truck/Welding Shop

Copiague, NY (Suffolk County)

Industrial/Office Building, w Fully Equipped Custom Truck/Welding Shop
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Asking Price: Get Financing: $1,300,000

Gross Revenue: $121,200

Price/Sq. Ft.: $179.00

NOI: N/A

Building SF: 7,250

FF&E: $75,000

Year Built: N/A

Industrial/Office Building, w Fully Equipped Custom Truck/Welding Shop

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Property Description

This opportunity is a good investment as a rental property and also provides a working welding/truck manufacturing facility as a bonus! The rental income alone is sufficient to carry financing that the seller will provide at advantageous terms, saving the buyer bank closing costs. The building is presently configured into four (4) shops on the first floor, including the manufacturing shop. Three of the shops are rented (with leases) and the owner operates a manufacturing business in the fourth that he will include as part of the sale. The first floor comprises 6,000 square feet total. Each shop has a ceiling height of 14 ft. 6 in.

The building also includes two (2) leased offices on the first floor and three (3) offices on the second floor (two are leased and one is expected to be rented shortly). Each of the offices and shops has a private bath room and the tenants pay all expenses (triple net leases).

The manufacturing area on the first floor provides a business 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 seller previously operated a highly profitable custom truck building business on-site. 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. All of the equipment is included in the sale and the seller is willing to provide support to the buyer and introduce him to potential customers. Should the buyer operate the shop, the rental income 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 a 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.

Attached Documents


Detailed Information

Type:
Industrial
Building SF:
7,250
Building Status:
Established
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
Building is located on a corner piece of property (150 ft. X 100 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. 6 in.) ceilings, and the building has three (3) overhead doors; one (1) in the rear (12 ft .X 14 ft.) and two overhead doors on the side (20 ft. X 14 ft. 6in., each). The electrical service is heavy duty with 600 amps, 460 volt. In addition to 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. 6 in. and a private bathroom.
Financing:
1/3 dn, 15 year term, with 25 year amortization at 4 1/2%.
Current Property Expenses:
Real Estate taxes of $14,187.
Location Description:
Conveniently located in Western Suffolk, near major arteries.
Current and Prior Use:
The owner previously operated a highly profitable, custom truck manufacturing business on-site. All of the equipment is included as part of this acquisition and the business can be easily re-started. The seller will provide training and introduce the buyer to his old customer base. Presently three additional shop areas and three offices provide rental income to support the acquisition of the building as an investment.
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Angelo A. Ferrara

Property Listed By:
Angelo Ferrara

Rapt Enterprises Inc.

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Memberships & Certifications:
Indicates membership in the International Business Brokers Association (IBBA). The IBBA is the only certifying organization for Business Brokers and Intermediaries who assists people in buying or selling a business. Certified Business Intermediary (CBI) is a professional certification awarded to Business Brokers and Intermediaries that have achieved stringent requirements. CBI's work by an ethical code of conduct when working with business owners and buyers.

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