29984 Cecil Ave.
Industrial | 12,824 SqFt
Marketing description
Industrial Shop on 2.54 Acres
1.81 Acres Leased | 0.73 Acres Available
• 2.54 Acres fenced and graveled I-2 land
• 11,480 SF Industrial shop with abundant heavy power
• 2 modular office buildings 1,344 SF and 780 SF
• Lease in place for shop, two modular offices and 1.81 acres
• Remaining 31,800 SF of land with storage buildings is currently available
• $1,640,000
THE LEASED PORTION includes the 1.81 westerly acres, the 11,480 SF industrial shop building and the 1,344 SF modular building with offices, kitchen and bathroom, plus a second 780 SF modular. Yard is fenced, gated and graveled. Shop building includes:
• One 5-ton bridge crane
• Four 1-ton jib cranes
• Trolly Rail System running down the center of the shop
• Abundant 3-phase power with service up to 640 volts
• 30 ft peak ceiling height
• Three 18 ft high overhead doors
THE AVAILABLE PORTION:
• The 0.73 easterly acres
• 600 SF modular building (office or break room)
• Approximately 1800 SF metal storage building with roll-up door, conditioned office space and imbedded shipping containers
Investment highlights
Lease & Income Production
Approximately 70% of the property is occupied by Paramount Ironworks (www.paramountironworks.com) under a pure NNN lease. The lease expires October 1, 2028, and does not include any renewal periods at this time. Current lease rate is $8,487/month with annual 3% increases each October.
A recent appraisal assigned a $0.075 PSF/Month market lease rate for the unleased land (0.73 acres) with no other contributing value to the existing improvements.
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