Description

Three of four units are currently vacant and available for lease-up at market rates. The fourth unit is occupied by an established barbershop business whose operator (the seller) has indicated willingness to execute a market-rate lease-back at closing – delivering immediate in-place income to the new owner from day one. At achievable upside rents of $15.00/SF gross, full lease-up generates projected NOI of approximately $37,300 annually, supporting a stabilized cap rate above 10.5% even at the offering price. The property is offered at approximately $88 per square foot – still well below the cost to construct comparable retail space new (typically $140-180/SF). For an owner-user, the structure of SBA 504 financing means as little as $35,000 down secures ownership of an income-producing commercial property with three units of additional rental upside.