NET LEASED INVESTMENT PROPERTY 10.5% CAP RATE
2241 Park Pl. Suite D Minden, NV 89423
$399,000 ($103/sf) DESCRIPTION: The subject property is commonly referred to as 2241-D Park Place. The building was constructed as an industrial condominium consisting of 5 separate, deeded suites. The subject property is in the north end of the building and consists of 3856+- square feet. It is constructed of concrete tilt-up and was completed in 1994. It is configured for three to four tenants. Presently it houses two. It is now configured in a multi-tenant application as follows: Unit No. Tenant S.F. Lease Type D Sierra Nevada Realty Group 1229+- Modified Net D-1,2 Metalast 2627+- Modified Net LOCATION: The property is located within Meridian Business Park off Airport Road in Douglas County Nevada. It is located central to both Minden-Gardnerville and Carson City. Douglas County is located at the base of the Sierra Nevada Mountains, just 15 minutes from South Lake Tahoe and 45 miles from Reno. The Carson Valley is situated at an elevation of 4750 feet above sea level. Average temperature is 49.6 degrees with January considered the coldest month with an average temperature of 30.8 degrees. The warmest month is July with average temperatures of 79.4 degrees. Average rainfall is 8.64 inches annually with occasional snow blanketing the valley floor. It is reported that the area enjoys 300+- days of sun annually. The airport community is designated as the County's future employment center. With commercial and industrial growth within the community, the employment base is conservatively projected to be 1,440 by the year 2015. The Douglas County Airport is a general aviation airport with two active runways approx. 7,400’ and 5,300’ in length. It is open 24 hours a day and provides easy access for both personal and corporate aircraft. UTILITIES: Sierra Pacific Power Company, GTE and Southwest Gas Corporation serve the property. Douglas County provides water and sewer service. High Speed internet and T-1 are available. ASSOCIATION FEES: The property is a part of Park Meridian Associates which is comprised of five owner/members. The association pays for: building insurance, maintenance of common areas, water, sewer and power (to common areas). There is a reserve account for future paving/sealing, roof R/R and building paint. The subject property is currently assessed $1673.00 quarterly ($6693.00 /yr.). INGRESS AND EGRESS: The property is accessed from U.S. Highway 395 via Airport Road a State of Nevada maintained roadway. ZONING: The subject property is zoned LI (light industrial) by Douglas County standards. Surrounding use are AP (airport industrial) and A-19 (agriculture 19 acres). FLOOD ZONE: The subject property is located within a zone X flood zone according to the 1994 FEMA flood maps. Zone X indicates areas outside the 500-year flood plain. TAXES: The 2009/2010 taxes are $ 2988. OWNER'S NAME: Smith & Smith LLC, Broker/Owner PRICE: $399,000.00 ($103) COMMENTS: Upper mezzanine is occupied by the Seller, who is a licensed Real Estate Broker in Nevada. |