Very unique, single-tenant NNN investment opportunity in the heart of Midtown! Property is comprised of two structures on the same parcel: i) a 3,700 SF, three-story duplex located off N Street; and ii) a 2,200 SF repurposed shipping container restaurant located off Matsui Alley. Entire property, including both residential units and the shipping container restaurant, is master-leased to Federalist Public House, a popular restaurant/bar that has occupied the property since 2014. Lease is triple net, with the Tenant paying for ALL operating expenses and maintenance/repair to the property (except for the duplex roof). New five-year lease with large annual increases signed in Q4 2020. Current monthly rent is $8,000/NNN, which equates to a 5.5% capitalization rate on actual income. Rent increases to $8,750/NNN in year 3, $9,250/NNN in year 4, and $9,750/NNN in year 5. Seller recently completed approx. $100k in section 1&2 pest work. You will not find this return anywhere in the urban core!
|--||New Value: $1,745,000|
|1/12/2022 3:02:00 PM||New Value: $1,745,000|