Property Listing No Longer Available for Sale

5000 S.Ridgewood Ave, Port Orange, FL

Retail for Sale - $450,000 - 1,400 Sq. Ft. on 34500 acres


Property Info

CIMLS#602804
Location
  5000 S.Ridgewood Ave
  Port Orange FL 32127
UpdatedMay 27th, 2013
TypeRetail
Price$450,000
Building1,400 Sq. Ft.
Land34500 acres

Property Description

(CASH PRICE, QUICK CLOSE, $395k)--IMMEDIATE CASH FLOW AVAILABLE WITH THIS ATTRACTIVE FLORIDA INCOME PROPERTY. Current tenant has operated a profitable business from this busy location for the last 42 months, and will agree to a long-term lease. This tenant could pay for this prime location at 5000 S. Ridgewood Avenue, Port Orange, Fl (Daytona Beach area), located

in a high traffic (24K vehicles per day) area near the intersection of Ridgewood Avenue and Dunlawton Avenue. This property should gross at least $48,000 income per year, and after property taxes, should net the new owner about $44K. Current tenant has agreed to annual rent increases. For the last 20 years it has been leased for automotive sales, with one of the largest independent dealer display areas in the Port Orange/ Daytona beach area. It will accommodate automobile, RV, boat, or other big ticket sales.THIS PROPERTY REQUIRES LITTLE OR NO MAINTENANCE EXPENSE TO OWNER. Great for absentee ownership. Tenant pays for all maintenance inside of building. This property has a Ridgewood/U.S. 1 road frontage of 168 feet and a lot depth of 203 feet, for a total of 34,534 sq ft. A corner lot.


Financials

Current tenant has paid $3500 a month, plus Florida sales tax, for 42 months. Current owner has not asked for a rent increase. However, tenant wants to sign a multi-year lease and will agree to a higher monthly rent. Property taxes in 2012 were $4200. Tenant pays for maintenance and repairs for inside the building.

The large asphalted display area where the automobile inventory is displayed requires little or no maintenance. This would be great absentee-owner investment, where the owner wants the income but not maintenance responsibilties.



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