104 Parsonage Street
Industrial | 12.96% CAP | 55,500 SqFt
Marketing description
This 55,500 SF warehouse includes a 3,000 square foot loading zone equipped with 4 dock high doors, and approximately 2-acres of truck parking. The building has a small office space of approximately 438 SF. Property is completely enclosed with a chain link fence with razor wire for extra security. Warehouse is completely sprinkled and power is 3-Phase. Seller has completed many upgrades to the building. Clear height is 18’ in center to beam, and 12’ on eaves. Back 11,750 SF of roof replaced in 2025, and remaining 43,750 has been sealed/waterproofed that includes a 15-year GAR transferrable warranty.
A tenant has been procured and lease executed with a 2 year net industrial lease, expiring 10/31/2026 with month-to-month renewal option. The Net Operating Income is $115,384.50 which includes a 10% Repair and Maintenance contingency which leaves the CAP rate at 12.96%.
Investment highlights
104 Parsonage Improvements:
Environmentals: Phase-I and Phase-II complete, clean as of Dec. 2022.
Roof: Replaced/Waterproofed with 15-year GAR Transferrable Warranty (2025-2026)
Inside:
Fixed office
Re-did bathrooms
Replaced fluorescent lights fixtures with LED lights
Fixed insulation
Replacing cast iron plumbing with PVC
Outside:
Painted front of building
Fixed gutters
Replaced leaking skylights with new skylights
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