301 W 3RD ST, Sterling, IL

Multi-Use for Sale - $975,000 - 490,000 Sq. Ft. on 6 acres


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Agent Info

NameColby Snyder

Property Info

CIMLS #1018800
Location301 W 3RD ST
Sterling IL 61081
Last UpdatedJune 30th, 2018
TypeMulti-Use
Price$975,000
Building490,000 Sq. Ft.
Land6 acres
DemographicsView data

Contact


Property Description

The Warehouse at 301 West is the largest indoor vehicle storage center and private warehouse in the Sauk Valley. Located near Interstate 88, only 50 miles to Quad Cities & Rockford. This property is over 490,000 sf (price per sf is $1.99) and sits on 5.9+/- acres in Downtown Sterling, IL, and is capable of storing over 700 vehicles indoor. Storage and commercial account "net" revenue for 2017 was $184,000. Growing business with anticipated "net" revenue for 2018 projected at $210,000+. Zoned industrial mix use and commercial residential. Onsite property manager loft apartment 1500 SF. 3 levels with multiple elevators and drive-in entrances. The drive-in basement can accommodate big rigs, campers and RV's. The building is located in a TIF District and Enterprise Zone with tax incentive options available. 100% concrete structure. New sidewalks, roadway and drives 2013. $400,000 in recent renovations, plus $125,000 in LED motion activated high-bay lighting upgrades. Features include: 130,000 SF of natural gas heated floor space, 60,000 SF newly renovated manufacturing area (currently under long term lease), 6,000 sf of offices w/ locker rooms, multiple office spaces, 18 semi docks, retail store front options, indoor self-storage units built 2017, roof top billboard, heavy power 480/277, 100% sprinkler protected, security systems, drive-in access and a parking lot for 60+ vehicles. Built between 1950-1980. 85% of roof was new in 1999 & 2008. Eight commercial lease tenants that generate $10K+ monthly in revenue. Possible Seller financing for qualified Buyer. Former Wayne Dalton manufacturing building. Renovated in 2004, 2012, 2016, 2017. The building is sub-divided now to accommodate many different operations. EPA Phase 1 & 2 completed after manufacturer left in 2001, nothing remarkable.


Financials

Financial Summary (Actual - 2017)

Annual Annual Per SF

Gross Rental Income $279,000 0.57

Other Income $44,000 0.09

Vacancy Loss $0 0.00

Effective Gross Income $323,000 0.66

Taxes $6,800 0.01

Operating Expenses $132,000 0.27

Total Expenses $138,800 0.28

Net Operating Income $184,200 0.38


Location