MLS® ID: 7078358
2228 FARMINGTON AVENUE
BOYERTOWN, Pennsylvania, 19512 $790,000
2228 to 2234 Farmington Avenue. This is a 26,000 SF two story industrial building that is perfect for a USER who needs 8300 to 13000 SF and can run their operation from a second floor location (loading of material/ product by dock and material lift - buyer will be given a $60,000 credit at settlement for the installation of a product lift). The first floor is rented to 3 tenants with an annual BASE rent of $53,211 PLUS the "nets" (meaning the tenants pay their share of all operating costs in addition to the base rent- which came to $1.14 per SF per year in 2018). All spaces have their own electric service, gas service, offices, restrooms and docks. The BASE rental income from the first floor tenants would support the entire debt service for this building (at 75% LTV, 5% interest rate on a 25 year amortization schedule)with money left over. The building has undergone extensive renovations, including: (1) a new rubber roof of 10,000 SF (20 year product warranty), (2) Exterior painted with BEHR Elastomeric paint, (3) 12 new 6' x 6' Andersen 100 Series slider windows, (4)Interior of 13,000 SF 2nd floor space has been painted (walls and floors). Other improvements include a new ADA restroom on the 2nd floor, new carpeting in all 2nd floor offices and a new heat/CA system for one of the 1st floor office areas. FEMA has provided written verification that this building is NOT in the Special Flood Hazard Area (SFHA). The current tenants expiration dates for their leases are 3/31/2020; 2/28/23 and 2/28/19. Detail tenant information is available with a signed confidentiality statement. The Colebrookdale Industrial Center is a condominium project of 5 buildings totaling approximately 90,000 SF (with the 2228 to 2234 Farmington Avenue building being one of these buildings). The monthly condo fee for this building is $615 in 2018).