This is a once in a generation opportunity to own a landmark building in downtown Kent. The building is situated along the Cuyahoga River offering phenomenal viewsheds and easy access to the Portage Hike & Bike trail.
AREA
17,000 sqft Developed space
7,000 sqft Available space
INCOME
$26,000/mo Current rents
$ 8,000/mo Potential rents
EXPENSE
$ 6,000/mo Actual (average from 2016-2018)
$ 1,500/mo Management fee (6%)
$ 2,500/mo Vacancy factor (10%)
FINANCE
$2,500,000 Purchase price (8% CAP rate)
$ 625,000 Down payment (20%)
$ 11,862 Monthly payment (4.5% interest rate | 20 year amortization)
NOTES
* Owners willing to offer private financing
* Property held in West River Place, LLC
* Purchase LLC to acquire real estate and avoid transfer tax
* WestRiverPlace.com website to transfer with acquisition
* City of Kent has low interest loans for development
* City of Kent has tax abatements for improvements to the building