1197 Parkway Drive

Description

NN Lease Investment Opportunity at a 7.25% cap rate. Leased to Performance Maintenance Incorporated (PMI), a regional cleaning and janitorial supply company with annual CPI rent increases. Metal industrial building in the Richard Avenue industrial park with finished office space and high bay warehouse featuring loading dock with dock leveler, covered loading bay, large warehouse space, dock door 10' X 10', on grade roll up door 12' H x 10' W, fenced paved storage area and paved parking with 27 spaces. Compressed air plumbing in place throughout, needs a compressor. Structure consists of steel beams with no center columns, pro-panel roof and siding, insulation batt interior in the warehouse, drywall interior with hung ceiling in the office, and concrete slab floor. Built circa 1990. Inside clear height is 21'. Zoning is I-1 and allows for office, light industri l, storage, distribution, and more. Regulation of uses per Covenants and Restrictions of the Richards Avenue Business Park which prohibits residential, auto maintenance, junk yards, kennels, noxious, etc. Utilities include gas, 120/240V single phase electric and 480V three phase heavy power, city water, sewer. Warehouse HVAC: hanger heaters in the warehouse, no cooling. Warehouse office has cassette HVAC. Office HVAC: Ducted heating and air conditioning in the office. Total area: 11,329sf Warehouse area: 8,744sf Main Office area: 2,118sf Second Floor Warehouse Office: 466sf