123 Main St N, Cambridge, MN

Others for Sale - $166,500 - 1,218 Sq. Ft.


Agent Info

Carrie Gibbs
CENTURY 21 Moline Realty, Inc

Property Info

CIMLS#1154270
Location
  123 Main St N
  Cambridge MN 55008
UpdatedFebruary 13th, 2024
TypeOthers
Price$166,500
Building1,218 Sq. Ft.

Property Description

For Sale: Downtown Cambridge Office Building with Established Tenant! This Main Street property showcases a delightful storefront with display windows, existing signage, two units, two front entrances and two back doors, a shared hallway leading to an ADA bathroom, and a parking lot with 5 assigned spaces accessible from the alley. The current tenant occupies both units but is open to renegotiating their lease, potentially freeing up unit 125 for the buyer's use while the tenant remains in unit 123. Recent interior upgrades in the past five years include new carpet, tile, paint, a renovated ADA bathroom, 6-panel wood doors, and a new furnace and A/C. Interested buyers should reach out to the City of Cambridge for details on zoning rules and restrictions. Don't miss the chance to own, occupy, or invest in this property with a lucrative 8% cap rate.

Additional Details:

Agent/Buyer to verify all measurements, info, and zoning rules and restrictions with the City of Cambridge. Current tenant's lease (Gross $1,750/month) has approximately 9 months remaining. Building has two units, two front entrances, two back entrances, one common hallway that leads to one ADA shared bathroom, and parking area with 5 assigned spaces on south side of parking lot. Half of the parking lot is owned and included in the sale. A parking lot agreement with the building owner to the north exists. Current tenant would consider modifying their current lease terms by reducing leased space and monthly lease rate and occupy only unit 123 to make room for Buyer to occupy unit 125, if desired. Tenant pays for telephone/internet related expenses only. Thermostat for entire building is in unit 125. Building interior was updated 3-5 years ago: New carpet, tile, paint, ADA bath, 6 panel wood doors, furnace and A/C. Flat rubber roof is approx. 15 years old. Existing security system fixtures do not function.

Important Details and Information:

Verification Responsibilities: Agent/Buyer to verify all measurements, information, and zoning rules and restrictions with the City of Cambridge. Lease Details: Current tenant's lease has approximately 9 months remaining. Gross Lease ($1,750/month) Owner Expense: Electric, Fuel, Insurance, Janitorial, Maintenance/Repair, Snow, Taxes, Trash, Water/Sewer Tenant Expense: Internet/Phone Expenses and Income: Annual Expenses = $7,700 Annual Gross Income = $21,000 Annual Net Income = $13,300 Property Overview: Year Built = 1935 Total Units = 2 Building SF = 1,218 Finished SF = 609 Foundation Size = 609 Foundation Dimensions = 21x29 Lot Dimensions = 25x125 Parking area with 5 assigned spaces on the south side of the parking lot. Half of the parking lot is owned, is included in the lot dimensions and is included in the sale. Parking lot agreement with the building owner to the north exists. 2023 Tax Amount = $2,350 Lease Modification Option: Current tenant willing to modify lease terms by reducing leased space and monthly rate. Option for the tenant to occupy only unit 123, creating space for the Buyer to occupy unit 125. Utilities and Systems: Thermostat for the entire building is located in unit 125. Building interior updated 3-5 years ago: new carpet, tile, paint, ADA bath, 6-panel wood doors, furnace, and A/C. Flat rubber roof is approximately 15 years old. Existing security system fixtures do not function.


Financials



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