557 Lincoln Rd

Industrial for Sale
Catylist Listing ID: 30340055
Property Subtypes: Cold Storage, Flex Space, Industrial-Business Park, Manufacturing, Light Industrial, Net Leased, Research & Development, Truck Terminal, Warehouse/Distribution, Other
Building Size (RSF): 40,929 SF
Gross Building Area: See Agent
Gross Land Area: 8.62 Acres
Sale Price: $770,000
Unit Price: $18.81 PSF
Ceiling: 17 ft. / 15 ft. Clear
Docks/Doors: 10 Docks, 2 Doors
Office SF: 2,393 SF
Drive In Bays: 3 Bays
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 11/19/2018

Overview / Comments

This 5-building site on 8.62 acres offers a unique investment and/or user opportunity in the heart of Otsego. The property is fully leased, and all tenants are on month-to-month leases allowing a wide range of use flexibility. Many of the tenants have expressed interest in signing long term leases. Each building is separately metered.

Building #1 is a 2,393 SF office building generating approximately $2,000/month gross income. The building has a new roof.

Building #2 is an 11,036 SF dock-high refrigerated building with 12' clear height, 4 docks and an approximately 1,000 SF freezer room. The roof is approximately 15 years old. The building has two tenants generating $1,300/month gross rental income.

Building #3 is an 8,520 SF manufacturing building with 10' clear heights throughout, 3-Phase / 480-Volt / 400 amps of power, 2 drive-in-doors and 1 dock door. Approximately half of the building has a new roof. The building is leased to the same tenant as Building #5; together these buildings generate $3,040/month in gross rental income.

Building #4 is an 8,820 SF service building with 3 drive-in bays, 15'6" clear heights. The roof is approximately 15 years old. The building is leased to two tenants and generates approximately $2,300/month in gross rental income.

Building #5 is 10,160 SF and is leased to the same tenant as Building #3. The building has 13'4" clear heights, 1 dock and 2 drive-in-doors. The landlord is in the process of replacing this roof.

Financials

Finance Data Year 2017
Assessed Value - Total($) $321,100 (Annual)
Potential Rental Income $107,200 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Holland
County: Allegan
Taxing Authority: Otsego Township
Tax ID/APN: 17-021-021-00
Zoning: INDUSTRIAL
Property Located Between: Jefferson Rd and 106th Ave
Highway Access: US-131
Tenancy: Multiple Tenants
Total Number of Buildings: 5
Number of Stories: 1
Year Built: 1972
Roof Type: Flat
Construction/Siding: Block, Metal Siding
Parking Type: Structure
Parking Description: Ample surface parking available on site.
Overhead Cranes: Undisclosed
Sprinklers: Wet
Amps: 600
Volts: 480
X-Phase: 3-Phase
Heat Type: Natural Gas
Heat Source: Ceiling Units
Lighting: Fluorescent
Zoning Description: Commercial and Industrial
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,967 9,493 18,670
Median Age: 36.45 38.63 39.93
Households: 758 3,730 7,377

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