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Downtown, Walkable, Forsyth County multi-tenant office

$495,000

Description

Three tenants.  Law offices on second floor, Salon and Paralegal office both on first floor.  Total +/-2,780 sf in the heart of City of Cumming.  Walk to restaurants, U.S. Post Office, Forsyth County courthouse and City of Cumming City Hall.  Two leases are up for renewal in August 2018.  The other is up for renewal in May 2019.  We expect all three to renew at a higher rate and would recommend making that a condition upon closing.

Existing Rents

Suite A – Paralegal – $900 per month

Suite B – Salon – $1,100 per month

Suite C – Law firm – $1,800 per month

2017 Landlord Expenses (estimated)

Property taxes – $3,808 per year

HOA fees – $3,667.90 per year

HOA

Administered by owner in adjacent building.

Investment Participation

One Percent asset management fee per year, based upon 1% of the gross sales price.

Twenty Percent investor participation fee, based upon profit realized by investor upon disposition of the asset.

Financing

Projected financing at 25% down.  25 year amortization.  Local lender has verified they are willing to work with out of state buyers on this deal.

Property Documents

  • 341-A Lease Renewal 08-15-2016
  • 341-C 5 yr lease Fowler & Martin
  • Lease for YGA 341-A Dahlonega St
  • Lease renewalfor Studio 9 341b 6-9-2017

Address

  • City: Cumming
  • State/county: Forsyth
  • Country: United States

Detail

Updated on May 25, 2018 at 5:14 pm

  • Price: $495,000
  • Property Size: 2784 Sq ft
  • Property Type: Investor Participation
  • Property Status: For Sale

Contact info

Brian Patton, CCIM
Brian Patton, CCIM
770-634-4848
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