General Retail For Sale
9,265 Sq Ft
The building is currently under a Lease Agreement with Victor Baez dba Kings Tire Service. Current lease rate is $4,000/Mo, which escalates to $5,500 in July of 2019 for the remainder of the term. Tenant has Right of First Refusal to purchase the property though 12/31/2018. After that date the Tenant still has a Right of First Refusal based on a firm offer from a purchaser. The Cap Rate is currently 9.1%, but goes up to 12.6% until the expiration of the Lease Agreement.
* Tenant and Landlord both have the right to early termination of the current lease with 60 days notice. The Tenants right to terminate expires 9/31/2019. Landlord has right to terminate throughout the term of the lease.