or Best Offer to Purchase or Lease 95 Granby St 14,422 SF Industrial Building Bloomfield, CT 06002 $825,000 ($57.20/SF) 7.65% Cap Rate

The building is user occupied with a bakery in the rear 5,000 square foot suite and a furniture store in the middle and front sections of the property.
Overhead Doors - (1) 8x8 overhead door at the back suite and 1 8x10 overhead door mid-building serving the middle of the building; Grades are favorable for a drive in door installation towards the front of the building or from the front of the building.
The owners seek to complete remediation of this former manufacturing building considered to be relatively straightforward. The purchase proceeds are to pay for the building, land and the remediation with the remediation being deducted from the price. The preliminary estimate for remediation is $153,000.
The seller is to leaseback 5,000 square feet of the rear of the building improved with a bakery with the Base Year Rent at say $4.00 per square foot per year plus operating expenses of $3.75 per square foot per yaer for a total of $7.75 per square foot per year plus a pro-rata share of variable utilities. The stabilized Year, Year 3, consists of a Base Year Rent at say $5.00 per square foot per year plus operating expenses of $3.75 per square foot per yaer for a total of $8.75 per square foot per year plus a pro-rata share of variable utilities.
The estimated NOI is $63,142, divided by a cap rate of 6.35% for a closing price of $995,000 less remediation of $150,000 for a net price of $842,000 for a seller's yield of 7.50% - "As Is" Price - $825,000
Please call or write to discuss - Kenneth Labbe/PREM - klabbe@pyramidregroup.com; 860-891-8551.