2228 Farmington Avenue

    BOYERTOWN, PA 19512
    • $790,000
    • STATUS: Active
    • ON SITE: 442 days
    • ID#: 1004013417
    Foreclosure
    UPDATED: 63 min ago
    $790,000
    • 0
      BEDS
    • 20
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 26,000
      SQFT
    • $30
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1900
    County:

    School Ratings & Info

    School District:

    Description

    2228 to 2234 Farmington Avenue. This is a 26,000 SF two story industrial building that is perfect for a USER who needs 8300 to 13000 SF and can run their operation from a second floor location (loading of material/ product by dock and material lift - buyer will be given a $60,000 credit at settlement for the installation of a product lift). The first floor is rented to 3 tenants with an annual BASE rent of $53,211 PLUS the "nets" (meaning the tenants pay their share of all operating costs in addition to the base rent- which came to $1.14 per SF per year in 2018). All spaces have their own electric service, gas service, offices, restrooms and docks. The BASE rental income from the first floor tenants would support the entire debt service for this building (at 75% LTV, 5% interest rate on a 25 year amortization schedule)with money left over. The building has undergone extensive renovations, including: (1) a new rubber roof of 10,000 SF (20 year product warranty), (2) Exterior painted with BEHR Elastomeric paint, (3) 12 new 6' x 6' Andersen 100 Series slider windows, (4)Interior of 13,000 SF 2nd floor space has been painted (walls and floors). Other improvements include a new ADA restroom on the 2nd floor, new carpeting in all 2nd floor offices and a new heat/CA system for one of the 1st floor office areas. FEMA has provided written verification that this building is NOT in the Special Flood Hazard Area (SFHA). The current tenants expiration dates for their leases are 3/31/2020; 2/28/23 and 2/28/19. Detail tenant information is available with a signed confidentiality statement. The Colebrookdale Industrial Center is a condominium project of 5 buildings totaling approximately 90,000 SF (with the 2228 to 2234 Farmington Avenue building being one of these buildings). The monthly condo fee for this building is $615 in 2018).

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    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2019-12-15T20:49:59.52.
    www.tomtoole.com/homes/88039665

    2228 Farmington Avenue BOYERTOWN, PA 19512

    • Price: $790,000
    • Status: Active
    • Updated: 63 min ago
    • ID#: 1004013417
    0
    Beds
    0
    Baths
    0
    ½ Baths
    20
    Acres
    26,000
    SQFT
    $30
    $/SQFT
    1900
    Built
    Neighborhood:
    None Available
    County:
    Berks
    Area:
    Douglas Twp (10241)
    School District:
    Boyertown Area
    Property Description
    2228 to 2234 Farmington Avenue. This is a 26,000 SF two story industrial building that is perfect for a USER who needs 8300 to 13000 SF and can run their operation from a second floor location (loading of material/ product by dock and material lift - buyer will be given a $60,000 credit at settlement for the installation of a product lift). The first floor is rented to 3 tenants with an annual BASE rent of $53,211 PLUS the "nets" (meaning the tenants pay their share of all operating costs in addition to the base rent- which came to $1.14 per SF per year in 2018). All spaces have their own electric service, gas service, offices, restrooms and docks. The BASE rental income from the first floor tenants would support the entire debt service for this building (at 75% LTV, 5% interest rate on a 25 year amortization schedule)with money left over. The building has undergone extensive renovations, including: (1) a new rubber roof of 10,000 SF (20 year product warranty), (2) Exterior painted with BEHR Elastomeric paint, (3) 12 new 6' x 6' Andersen 100 Series slider windows, (4)Interior of 13,000 SF 2nd floor space has been painted (walls and floors). Other improvements include a new ADA restroom on the 2nd floor, new carpeting in all 2nd floor offices and a new heat/CA system for one of the 1st floor office areas. FEMA has provided written verification that this building is NOT in the Special Flood Hazard Area (SFHA). The current tenants expiration dates for their leases are 3/31/2020; 2/28/23 and 2/28/19. Detail tenant information is available with a signed confidentiality statement. The Colebrookdale Industrial Center is a condominium project of 5 buildings totaling approximately 90,000 SF (with the 2228 to 2234 Farmington Avenue building being one of these buildings). The monthly condo fee for this building is $615 in 2018).
    Exterior Features

    Construction Materials BrickBlock Garage YN No Location Type Highway Lot Features Rural Other Structures Above Grade Parking Features Paved ParkingStone DrivewayHandicap Parking Parking Types Parking LotOff Street Property Condition Average+ Riparian Rights YN No Road Responsibility Boro/Township Road Surface Type Paved Roof FlatPitchedShingleRubber Sign On Property YN Y Topography List LevelHillside Water Access YN No Water Body Type Creek Water Oriented YN Yes Waterfront YN Yes

    Interior Features

    Building Area Total 26000.00 Building Features Private RestroomsOverhead DoorSprinkler System Cooling Central A/C Fireplace YN No Flooring WoodHeavy Duty Heating Forced Air Heating YN Yes Net Square Feet 26000.00 Room List Master Bedroom Walls Ceilings OtherBlock WallsMasonry

    Property Features

    Acceptable Financing Conventional Accessibility Features None Association YN No Building Name Colebrookdale Ind Center Business Type ManufacturingWarehouse Central Air YN Yes Condo YN No Cooling Fuel Electric Cross Street Route 562 Electric Circuit BreakersSingle Phase3 Phases200+ Amp Service Existing Lease Type Net Exterior Amenities Transport Highway ExposureSign Foundation Details Stone Frontage Length 1000 Gross Income 53211.00 Heating Fuel Natural GasElectric Hot Water Electric Incorporated City Name Douglas Twp Lease Considered YN Yes Load Drive-In DoorTailgate Metering Electric SeparateGas Separate Navigable Water YN N New Construction YN No Number Of Units Leased 3 Number Of Units Total 4 Original MLSNumber 121250188301:TREND Ownership Interest Condominium Possession Subject To Existing Lease Property Sub Type Industrial Rent Includes Parking Sale Includes Land And Building Sale Type Reo (Real Estate Owned) Sewer On Site Septic Tax Annual Amount 10732.0 Tax Assessment Amount 280000.0 Tax Lot 6804-C01 Tenant Pays ElectricityHeatGasWaterSewerHot WaterInsuranceLawn/Tree/Shrub CareSnow RemovalTrash RemovalCable TvTaxesJanitorial ServicePest Control Utilities Water AvailableSewer AvailableNatural Gas AvailableElectric AvailablePhone Vacation Rental YN No Water Source WellWell-Shared Year Built Effective 2017 Zoning Li

    Listing courtesy of Brode & Brooks Inc.


    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2019-12-15T20:49:59.52.
     
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