Value-add 6-unit retail strip mall along the Gulf Coast! This is a cinderblock building built in 2006 that is currently partially occupied with 3 of the 6 suites leased. All tenants are currently on gross leases, with the China King paying $1,350/mo, the boat supply co paying $900/mo, and the ice cream parlor is paying $600/mo. The properties structure appears to be in great shape but the asset is in need of exterior and interior painting, new floors in vacant units and just an exterior clean up.
Market rents are $7/SF NNN, which would put the value of this building at $721,000 (8 Cap) once stabilized.
Interested? Call or text Scott at (504) 475-4633