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1112 E Commercial AVE Lowell, IN 46356
1.15 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land, Commercial
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 827445
Year Built 1800
Annual Tax Amount $198
Tax Year 2024
Lot Size 1.150 Acres
Acres 1.15
Property Sub-Type Unimproved Land
Property Description
The numbers don't lie - and the return on your money is STRONG. [I/R=V] : Rents Annual 48,000, Tax Annual 5,896, Insurance Annual 2,250 = NETMONTHLY Income 3,321 (This does not factor in an estimated annual budget for maintenance & repair and basically since all systems, roof & mechanicals are dialed in and for the most part have a LONG LONG life left: AGE: Roof 10+/-, AC 3-4, Boiler 15+/-, PAVED Lot NEW 2020) An investor will NO DOUBT and should factor that in but for now will leave it as a middle of the road base line scenario. NETANNUAL INCOME=478,248 and using the 10pct rule for value for JUST the building WITHOUT any future increases (NNN here so you wont go down due to those expenses) is 480,000. And based on a bank appraisals INCOME APPROACH its very similar at 500K. AS FOR THE EXTRA ACREAGE - even harder to find since SO FEW like places left along Commercial / State Rd 2 let alone w/entry access. The LOT ONLY portion of this package has 148'F/ 339'D VS O'Reilly's Auto Parts across the street having 258'F / 300' D and1.77 Acres that SOLD 2015 for 260K. A great comp since nothing like it LOCATION specific but there are a couple of the next most recent that incl Dunkin' Donuts w/tiny frontage of 100' / 222' for .51 Acre & SOLD for 250K in 2021 and then Taco Bell's Lot 158' / 175' .63 Acre SOLD for 300K in 2023 - JUST Sampling the 3 its clear the lots are selling for FAR more but for FAR less SF and simply taking the avg frontage at 1,569 plf the xtra lot easily falls in the 232,000+ realm - and that's before factoring the access f/Commercial AND The West side parking lot of the current building. LOADS of expansion options, strip malls + stand alones. So VERY conservatively speaking a 712,000 value is substantiated - DISCOUNTED package 650K - lease thru 5/31/27 [Original lease 6/1/2016 and renewable every 3 years] ....The .96Acre Lot by itself 200K is ideal for 2-3 4units residential like surrounding parcels. Building only 500K
Location
State IN
County Lake
Interior
Heating None
Fireplace N
Exterior
Exterior Feature Storage
View Y/N true
View true
Others
Tax ID 451923481005000008
Acceptable Financing NRA20250730205217427782000000
Listing Terms NRA20250730205217427782000000
Listed by SCHUPP Real Estate
