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Anchor Shopping Center
Location Virginia,United States
Asking Price Range $1.0M - $2.5M
Gross Revenues $420000
Net Profit / Cash Flow $380000
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1978
Number of Employees 50 - 99
Relocatable No
Number of Employees 50 - 99
Real Estate Owned
Reason for Sale Owner Passed Away.
Description Grundy, Virginia, AN AFFORABLE INVESTMENT WITH A CAP RATE OF 10! Located in Grundy, Virginia this 25 unit shopping center. Situated on approximately 12 acres, 93,890 square feet, Price per square foot is about $3.20 (This is far below the national average of roughly $16.00 per square foot), this would mean more of a profit margin with rent increases over the next few years. No vacancies since the shopping center opened in 1978, Situated near Law School and Pharmacy School. This property generates 280,000 annually. Net Gross is 230,000 annually. Large open areas for potential out parcels, that could be sold or used for ground leases. This property has a history of a great cash flow! A GREAT INVESTMENT AND A GOOD CANDIATE FOR A 1031 TAX EXCHANGE. Priced less than current tax assessment, do not miss this opportunity! Out parcels could be sold or offered on a ground lease. Rents have not been adjusted since shopping was built! THIS IS A REAL MONEY MAKER! Owner will consider owner financing with strong down payment and credit! This area needs a restaurant, coffee shop, pizza place, grocery store, night club, fitness center. These type of business would do well on the out parcels. $2.3 million for the shopping center and the will accept an offer with 25% down payment and will finance the balance at a competitive commercial property interest rate of approx. 6%. Since the shopping center provides an annual net return of approx. $230,000 on a historical basis, that provides a capitalization rate of 10 for that property.
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