This is an excellent opportunity to own a commercial property with an approximate 5% cap rate.
The property includes 9 parking spaces and generates a monthly rental income of $6,000, with the tenant responsible for all utilities and property taxes.
• Annual property tax: $29,599.42
• Owner expenses: Approximately $5,000/year for property insurance
• Roof: Replaced about 3 years ago
• Tenant: A dry cleaning business that has operated at this location for approximately 25 years
• Lease: Long-term lease in place — 10 years with a 5-year renewal option