Income Producing Commercial Building!

Long term renter on one side!

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Brief Description

Great income producer in Covington!

Auction Schedule

Online Bidding Only

Began: Friday, March 17, 2017 at 11:36 AM CDT

Ends: Friday, April 21, 2017 at 3:07 PM CDT

Inspection

Began: Thursday, April 06, 2017 at 10:00 AM CDT

Ended: Thursday, April 06, 2017 at 2:00 PM CDT

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Details

BUILDING STRUCTURE FACTS & INFORMATION
•  Located at 2043 Highway 51 S. in Covington, TN
•  Freestanding, Built in 1976
•  11,641 sf of Commercial Offices, Situated on ± 3.15 Acres
•  282’ Frontage on Highway 51 with a DOT Traffic Count of 16,658
•  Slab on Grade, Continuous Footing
•  Roof Composition- Shingle Gable/Hip
•  Exterior Walls- Common Brick
•  Interior Finish- Panel, Plaster, Drywall
•  Asphalt Paving Parking Lot
•  Interior Walls- Some are Non-Load Bearing
•  Central Heat and Air Throughout
•  Both Sides Have Private Entrances
•  Acoustical Grid Ceilings with 10ft Height
•  11,641 S/F Total
•  Each Side has Approximately 5,800 S/F
•  Ample Restrooms
•  3 Phase Electric
•  Natural Gas & City Water
•  Covington, TN a Small, but Very Aggressive West TN Town
   Approximately 45 Minutes North of Memphis.

 


INCOME POTENTIAL
•  City and County Taxes $12,000
•  PGI- Gross Income $151,000 with 5% Vacancy and
   Collection Loss of ($7,500)
•  EGI- $143,500 Gross Less an Estimated Operating Expense of
   $47,000 at Net NOL $96,500.
•  Using the Appraisal Value of $910,000 Value as the
   Purchase Price gives you a 10.50% Cap Rate.
•  This Property is Selling Regardless of Price. Cap Rate
    could be Very Attractive. Buy at your price!
•  Last Appraised for $910,000 As-Is Using the Income Approach
• Approximately ½ of the Building is Leased to the US Department of
   Agriculture that Pays Around $7,000 per month with 9 Months
   Remaining on their Lease with Indications of Renewing for
   Another 10-Year Lease with some Minor Upgrades.
•  USDA Lease is paying $84,600 per year
•  The Southside of Approximately ± 5,600 sq ft is Ready for Lease.
    Assuming the Same Rent Amount as the Northside of $7,000/month
    or combined at ± $167,000 per year.

 

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Auction Terms

Terms:  There is a standard 10% Buyer’s Premium that will be added to the bid amount in order to arrive at the total contract price.  If you are the winning accepted bidder you will be required to sign a Real Estate contract, make a 10% deposit on the day of signing and be able to close on the property within 30 days from the date all parties have signed the Real Estate contract.  The property is being sold as-is with no contingencies on financing or any other type of contingency.  This property is selling free and clean of all liens and back taxes, if any.

John Roebuck Auctions

http://johnroebuckauctions.com

5400 Poplar Avenue Memphis, TN 38119

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