248 Justin Drive, Cottonwood, AZ 86326

$2,100,000
Property Type: Commercial/Indstrial Square Footage: 17,645 Lot Size (sq. ft.): 32,234 Status: Closed
Current Price: $2,100,000 List Date: 6/08/2024 Last Modified: 9/11/2024

Description

6.5 % CAP RATE! Excellent investment opportunity! Just east of Cottonwood Airport in the Mingus Industrial Park this 17,645 sq ft industrial building is being offered for sale with a long-term Tenant in place. The building has three 12' tall X 10' wide overhead doors, one grade level dock, one dock high dock with a hydraulic lift system, CMU construction, 5445 sq ft of the building is cold storage, fully fire sprinklered, 18' of clear height, 3-phase power, a 40KW backup generator in case there is ever interruption in the electrical grid, almost the entire parcel is paved other than a retention pond out front, 4 evaporative coolers, and 4 HVAC Units.

Supplements: The building is Leased by Wild Tonic® an iconic beverage company known for its premium Sparkling Jun and Hard Jun varietals. With over 20 different products and recognition from Forbes, Food Network, POPSUGAR, USA TODAY 10 bests, and many others, this is an opportunity you won't want to miss. Wild Tonic® products are proudly displayed on the shelves of many grocers including Sprouts, Natural Grocers, and AJS Fine Foods. The Tenant is in the first year of its current five-year lease term. With three more five-year options to go. The Lease agreement is a solid NNN Lease with annual escalators each calendar year. With an NOI of $219,827.28 during the first year of acquiring the asset this is a solid 6.5% CAP RATE. It's hard to find a better property to satisfy your 1031 Exchange. If you're looking for your first income property or if you have a large portfolio and are looking for more mailbox money this, is it.

More Information MLS# 1065163

ContractAddressLegal

Original List Price: 3381958 Listing Date: 2024-06-05 Status: Closed Listing Price: 3381958 Street #: 248 Street Name: Justin St Suffix: Drive City/Township: Cottonwood State: AZ Zip Code: 86326 County: Yavapai Tax Parcel: 406-51-012E

General Property Description

Lot Size: 32240 Aprx Acres: 0.74 Buildings: 1 Total Liveable SqFt: 17645 Source of Measuremnt: County Assessor Stories: 1 Parking Spaces: 15 Year Built: 1999 Management: Mgmt Company Gross Vol/Yr $: 242239 NOI $: 219827.27 Cap %: 6.5 CAM $: 22411.92 Baths - Full: 1 GRM: 14.6 Property Use: Investment Prop Construction Status: Existing Space Available: No Date Available: 2024-07-01 CC & R: No CC & R Type: None CC & R Fees: 12201

Tax Info

Taxes: 7766 Tax Year: 2023

Status Change Info

Under Contract Date: 2024-09-01 Sold Date: 2024-09-10 Sold Price: $2,100,000 Sold Price/SqFt: 119 Financing: Cash

Construction

# of Bays: 3 Bay Door Height: 12'

Property Features

Bathrooms: ADA; Interior; Shared; Unisex Building Type: Indust - Dist Wrhse; Indust - Flex Space; Indust - Showroom; Indust - Warehouse; Indust-Manufacturing Business Location: Business Park; Freestanding Bldg Commercial Amenities: Grade Level; Ceiling Ht. 16+; Overhead Door(s); Truck/Loading Dock Construction: Block/Brick; Other - See Remarks Cooling: Central Air; Evaporative Cooling External Amenities: Fence; Landscaped; Paved Parking; Security Lights Flooring: Concrete Heating: Electric; Natural Gas; Natural Gas Internal Amenities: Bathroom; Sprinklers Parking: On-Site; Street Parking; Trailer Possession: Subject to Tenant Records Available: Other - See Remarks Road Responsibility: City Maintained Road; Paved Roof: Rolled/Hot Mop Utilities Installed: 3 Phase; Electricity; Fire Hydrant; Individual Meter; Natural Gas; Security System; Telephone; Underground; Water - City; WWT - City Sewer
Listing Office: Prescott Commercial Real Estate
Last Updated: September - 11 - 2024
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