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9% Cap Rate Investment Property near Augusta, GA!

Listing was updated at: 06/11/2019
9% Cap Rate Investment Property near Augusta, GA!

Property Overview

Price/Rent PSF $ 0.01
Asset Type Land
Trade Type Sale
Acres Available 2.71
Date Available 06/12/2019
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Description

The property is less than 2 hours from Atlanta and 1 hour from Augusta! Rent collected: $6,333.33 per month CAM collected: $550 per month. Expenses: Property insurance: $2,100 per year. Property tax: $6,500 per year, of which the tenant pays for any property tax above $4,500. Additional Property maintenance is a maximum of $500 per month which is $6000 per year. NOI: $70,000 Asking Price: $775,000 Cap Rate: 9.03%. Lease renews in March 2023, with an increase in rent to $6,866.67 per month. Fred’s Inc. has operated at this location since 2004. Fred's Inc is present in 15 states in the Southeast United States and currently has more than 650 discount general merchandise stores. Company store inventory includes more than 12,000 frequently purchased items addressing the daily needs of its customers. At 16,000 sq ft, Fred's is a mini Walmart since the closest Walmart is more than 30 minutes away. Seller is willing to accept 30% down and finance the remaining at an interest-only loan for 5 years at 6% interest. Buyer can get the loan after 5 years. Seller will entertain a lease-purchase agreement for the right down payment. Bank financing available for 30% down as well! Asking Price: $775,000

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