2464 S M-37

Description

Perfect live-work opportunity! Under zoning ordinance it appears that you can truly create a mixed use property with living space on the upper floor and office/work space on the lower floor. The building was originally a model home for a custom home builder so most of the necessities for living in the space are already there! Ideal Opportunity! MORE GREAT NEWS!! Seller says full price offer gets you a new asphalt shingle roof! Your business could be based out of this high visibility location (traffic count = 13360 vehicles/day on average)! If you can't use all of the space rent it out and offset your business expenses...or invest in the building. When building is fully utilized as a rental with qualified tenants it will make a tidy profit. The property consists of appx. 7759 square feet Gross Building Area (GBA). There are 2 buildings on the property- an office building consisting of approximately 4559 Square Feet and a light industrial building with 3200 total rentable square feet in 2 units. The light industrial building has propane heat in one unit and that unit also has a large mezzanine. All of this on 1.38 Acres. Potential/Pro-forma rate of capitalization= 9.9% Pro-forma ROI without Appreciation = ~24.01% and with modest appreciation of 1.5% annual over 30% ROI May be potential for value - add by adding additional pole-barn type structures to the lot and offering them for rent or renting space on the lot for shrink wrapped boats or?