About 611 Sligo Ave
If an investor purchased this building once fully leased at the current asking rental rate this would provide approximately an 8% cap rate return.
IDEAL FOR OWNER OCCUPANT BUYER OR INVESTMENT: The 2nd floor and rear lot are leased for an office use for the sale of used vehicles. It’s a 5-year lease commencing April 1, 2025 with 4% annual increases paying $3,000 a month, plus utilities. Buyer could occupy the first floor and basement or rent it out.
IMPROVEMENTS: This is a highly visible retail/office building located on Sligo Avenue between Fenton Street and Piney Branch Road. Occupants can have signage along the street or on the face of the building. Owner is currently remodeling the first floor for the next tenant. 2nd floor is already fully remodeled. First floor will have all new: windows, bathroom, laminate floor, fully functioning air conditioning and heat, paint and more. The first-floor tenant will have on site parking in front of the building and there is also free on street parking. See the floor plans attached.
FOR LEASE - FIRST FLOOR & BASEMENT: First floor, with +/- 9’ ceilings, contains 5 individual rooms and a large rear area. There is access to the basement through an interior stairway or direct access from the rear parking lot. The basement is unfinished with +/- 6’9” ceilings and ideal for storage. This space comes with 3-4 parking spaces in front of the building. Landlord is starting to remodel this space in mid-March.
SECOND FLOOR OFFICE: The leased second floor is completely remodeled with new windows, new laminate floors, new bathroom with shower, hookup for an additional sink and painted. 8’2” ceiling height.
REAR PARKING LOT: There is a large paved rear parking lot leased to the 2nd floor tenant.
ZONING: CRT zoning, a wide variety of commercial uses are allowed in this zoning. Ideal for service uses, retail or office uses.
REAL ESTATE TAX: 2024 real estate tax is $6,576.
LAND / BUILDING: 1,998 s.f. of building above grade, plus lower level on 6,908 s.f. of land.
LEASE PRICE: First Floor & Basement - $3,000 / month, plus electric and cleaning its own space.
SALE PRICE: $795,000
