This value-add offering provides the unique opportunity to purchase the asset with a tenant in place for the next 2 years picking up 100% of the expenses for the property including repairs. If the new owner wished to extend the existing tenants lease, it is possible to negotiate a new long-term agreement with the tenant who does not intend to relocate.
The property consists of an ±11,700 square foot structure with +23 parking spaces and 1 Bay on 0.55 acres that is at the time of inspection is in good condition for its intended use. The property has concern in that it is within the 100 year flood elevation and took on water in Hurricanes Sandy and Floyd. The owner and tenant share the flood insurance expenses equally. The electric and mechanical systems are operational and in good working order and the property shows pride in ownership on the part of the tenant.
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