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
Contract/Address/Legal
On-Market Date: 2024-07-01
List Price/SqFt: 192
Neighborhood: N/A
Comm Type: Industrial
REO/Short Sale: Not Applicable
Zoning: I-2
Business Name: Wild Tonic
Zoning Description: Cottonwood I-2
Business Type: Beverage Company
Assessor's Book #: 406
Assessor's Map #: 51
Assessor's Parcel #: 12
Assessor Parcel Ltr: E
Legal: LOT 14 LESS THE SELY 20 FT OF LOT 14 CONT .74 AC M & P 24/42 MINGUS INDUSTRIAL PARK BOOK 24 PAGE 42
General Property Description
Aprx Acres: 0.74
Lot Size: 32240
Buildings: 1
Source of Measuremnt: County Assessor
Stories: 1
Parking Spaces: 15
Management: Mgmt Company
Gross Vol/Yr $: 242239
Vac Rate %: 0
CAM $: 22411.92
GRM: 14.6
CC & R: No
CC & R Type: None
CC & R Fees: 12201
Property Use: Investment Prop
Construction Status: Existing
Space Available: No
Date Available: 2024-07-01
Total Liveable SqFt: 17645
Year Built: 1999
NOI $: 219827.27
Cap %: 6.5
Baths - Full: 1
Tax Info
Taxes: 7766
Tax Year: 2023
Remarks & Misc
Directions: From 260 and 89A
West on 89A
Use left 2 lanes to turn onto 89A/E Cottonwood
Turn left onto Justin Dr
Make a right and property is on your left
Remarks: 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.
Office/Member Info
Listing Exclusions: No
Status Change Info
Sold Price/SqFt: 119
Financing: Cash
Under Contract Date: 2024-09-01
Sold Date: 2024-09-10
Sold Price: $2,100,000
Building Type
Indust - Dist Wrhse: 1
Indust - Flex Space: 1
Indust - Showroom: 1
Indust - Warehouse: 1
Indust-Manufacturing: 1
Construction
# of Bays: 3
Bay Door Height: 12'
Block/Brick: 1
Other - See Remarks: 1
Cooling
Central Air: 1
Evaporative Cooling: 1
External Amenities
Fence: 1
Landscaped: 1
Paved Parking: 1
Security Lights: 1
Flooring
Concrete: 1
Heating
Electric: 1
Natural Gas: 1
Possession
Subject to Tenant: 1
Records Available
Other - See Remarks: 1
Road Responsibility
City: 1
City Maintained Road: 1
Paved: 1
Roof
Rolled/Hot Mop: 1
Bathrooms
ADA: 1
Interior: 1
Shared: 1
Unisex: 1
Business Location
Business Park: 1
Freestanding Bldg: 1
Terms & Conditions
1031 Exchange: 1
Conventional: 1
Commercial Amenities
Ceiling Ht. 16+: 1
Grade Level: 1
Overhead Door(s): 1
Truck/Loading Dock: 1
Utilities Installed
3 Phase: 1
Electricity: 1
Fire Hydrant: 1
Individual Meter: 1
Natural Gas: 1
Security System: 1
Telephone: 1
Underground: 1
Water - City: 1
WWT - City Sewer: 1
Internal Amenities
Bathroom: 1
Sprinklers: 1
Parking
On-Site: 1
Street Parking: 1
Trailer: 1
Pets/Animals
None: 1
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
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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