9002-9010 Cline Avenue, Highland, IN 46322 (MLS# 460425)

9002-9010 Cline Avenue, Highland, IN 46322

$650,000

Property Type: Commercial Sale Square Footage: 10,000 Lot Size (sq. ft.): 108,029 Status: Closed

Current Price: $650,000 List Date: 8/06/2019 Last Modified: 2/24/2024

Overview

Description

Fully (long term) leased multi tenant building now offered for the first time in Highland, Indiana. Located with high visibility and 385 ft. frontage on Cline Ave. Excellent investment with cap rate nearing 15%. This has proven to be a stable cash flow asset. This offering is for 5 contiguous units with separate pin numbers, separate tenant paid utilities. Added bonus: they have been set up as separate condominium units for future flexibility. Business type use. Handicap lift elevator. Added bonus: Only 64.31% of exterior charges are attributed to these 5 units. The POA pays ground maintenance, scavenger, parking lot lights, elevator lift, commercial exterior insurance.

Listing Details MLS# 460425

General Property Information

Living Area: 10000
Building Area Source: Builder
Year Built: 1990
Lot Size Acres: 2.48
Lot Size Square Feet: 108029
Lot Size Dimensions: 385 x 280
Stories: 0

Property Features

Building Features: Exterior Lighting; Office Park Location; Passenger Elevator(s); Private Restrooms; Suspended Ceiling(s) Construction Materials: Block; Brick; Stucco; Other Cooling: Central Air Current Use: Medical/Dental; Office; Residential Flooring: Carpet; Tile; Varies; Vinyl Foundation Details: See Remarks Heating: Forced Air; Natural Gas Interior Features: Elevator Listing Terms: Cash; Conventional Parking Features: Common; Lighted; Open Possible Use: Medical/Dental; Office Rail Availability: None Road Frontage Type: City Street Roof: Flat; Membrane Security Features: Security Lights; Other Tenant Pays: Gas; Hot Water; Water Utilities: Detention Pond; Electricity Available; Electricity Connected; Natural Gas Available; Natural Gas Connected; Sewer Connected Water Source: Public Showing Requirements: Listing Agent Must Accompany

Contract Information

Auction YN: No
Original List Price: 695000
Property Sub Type: Office
Listing Agreement: Exclusive Right To Sell
Occupant Type: Tenant

Location Tax and Legal

Street Number: 9002-9010
Street Name: Cline
Street Suffix: Avenue
County: Lake
State: IN
Postal Code: 46322
Subdivision Name: Forest Park Plaza

Remarks and Miscellaneous

Public Remarks: Fully (long term) leased multi tenant building now offered for the first time in Highland, Indiana. Located with high visibility and 385 ft. frontage on Cline Ave. Excellent investment with cap rate nearing 15%. This has proven to be a stable cash flow asset. This offering is for 5 contiguous units with separate pin numbers, separate tenant paid utilities. Added bonus: they have been set up as separate condominium units for future flexibility. Business type use. Handicap lift elevator. Added bonus: Only 64.31% of exterior charges are attributed to these 5 units. The POA pays ground maintenance, scavenger, parking lot lights, elevator lift, commercial exterior insurance.

Status Change Information

Major Change Timestamp: 2019-12-30T13:33:09Z
Major Change Type: Status Change
Status Change Timestamp: 2019-12-30
Offer Acceptance Date: 2019-12-30
Close Date: 2019-12-30
Close Price: 650000
Concessions: No
Buyer Financing: Conventional

More Information

Exemption Information

Exemption YN: Y

Frontage Type

Frontage Length: 385

Income and Expenses

Expense Year: 2018
Gross Scheduled Income: 157068
Insurance Expense: 2078
Net Operating Income: 110526
New Taxes Expense: 15897
Professional Management Expense: 5000
Total Actual Rent: 157068
Water Expense: 572
Electric Expense: 0
Gross Income: 0
Maintenance Expense: 0
Manager Expense: 0
Other Expense: 0
Sewer Expense: 0
Supplies Expense: 0
Trash Expense: 0

Showing Requirements

Showing Instructions: One of the listing agents to accompany. Requires notice
Listing Agent Must Accompany: Yes

Historical Information

Public Historical Remarks: Utilities: On, Frontage Access: Public Road

Location, Tax, and Legal

Postal Code +4: 2204
Tax Legal Description: Legal Description: FOREST PARK PLAZA UNIT 3,4,5,7,8
Parcel Number: 450727233003000026
Township: North
Directions: Ridge Road to Cline Avenue. South to property on the west side.
Cross Street: Ridge Road

Construction Materials

Block: Yes
Brick: Yes
Stucco: Yes
Other: Yes

Cooling

Central Air: Yes

Flooring

Carpet: Yes
Tile: Yes
Varies: Yes
Vinyl: Yes

Foundation Details

See Remarks: Yes

Heating

Forced Air: Yes
Natural Gas: Yes

Interior Features

Elevator: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Parking Features

Common: Yes
Lighted: Yes
Open: Yes

Road Frontage Type

City Street: Yes

Roof

Flat: Yes
Membrane: Yes

Security Features

Security Lights: Yes
Other: Yes

Utilities

Detention Pond: Yes
Electricity Available: Yes
Electricity Connected: Yes
Natural Gas Available: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes

Water Source

Public: Yes

Auction

Minimum Opening Bid: 0
Buyer Premium Amount: 0

Tenant Pays

Gas: Yes
Hot Water: Yes
Water: Yes

Current Use

Medical/Dental: Yes
Office: Yes
Residential: Yes

Possible Use

Medical/Dental: Yes
Office: Yes

Building Features

Exterior Lighting: Yes
Office Park Location: Yes
Passenger Elevator(s): Yes
Private Restrooms: Yes
Suspended Ceiling(s): Yes

Rail Availability

None: Yes

Listing Office: @properties/Christie's Intl RE

Last Updated: February - 24 - 2024

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Copyright 2024 Triangle MLS, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Why Create a Portal account?