8000 Sq Ft Industrial Building with Rail Spur
718 Farmers Market Road, Fort Pierce, Florida 34982
Sold: $349,000
Property Details
Property Type
Improved property
Building Type
Freestanding
Building Size
8,000 sqft
Land Size
0.92 acres
Sewer
Septic
Water
Well
Zoning
Light Industrial
Electric
3 Phase
Year Built
1950
Roof
Metal
Parking
16 Places
New Roof
2 Fenced Yards
Value Added
Great Location
Construction
Concrete and block
5 Electric Meters
Rail Siding
Property Description
8,000 sq ft IndustrialBuilding on .92 +/- acres. 8 dock height bays. Showroom. 3 phase electric. Rail Road siding. 5 Electric meters for division into multi-tenant building. Built to support a 4,000 sq ft loft in addition to the first floor. 2 Fully fenced yards. Good road access. If rented at $4 per square foot with 1/4 down on a 5.2% 20 year mortgage the return will be 18.08% IRR at $449,000. ($359,000 acqusation and $100,000 renovation to multi tenant) Market rent for this type of property is normaly $7 sq. ft. Reduced to $359,000
Straight line cap 7.13% for cash sale and renovation and 27% cash on cash cap rate.