Multi-Use - Bayfield, CO
Linda A Buzzalini, RE/MAX Pinnacle, C: 970-749-4249, email@example.com, http://www.lindabuzzalini.com/: Great investment or owner-occupy opportunity with excellent Highway 160 visibility. Sellers are the original owners; and have owned the property for 43 years. Excellent records. Situated on 2.13 acres, this commercial building houses eight businesses, including Bayfield?s longstanding Mini Merc (established in the 1970?s) and Shell Station, Brenda?s Cafe, (12 years), the Forest Lakes Metro District (10 years), Bayfield Gymnastics & Dance, the Pine Cone, Dean Reeves Accountancy as well as the Studio Selke Contemporary Art and a florist. Original construction was in 1973, with building completely re-done and expanded between 1998 and 2003. Nine bathrooms, several with multiple stalls. Nine electric meters, with 3 phase available as well as more meters. Seven natural gas meters and one propane tank. Abundant parking of 115 spaces, with more available. Streets on all sides of the building, no deed restrictions. Central air conditioning in every unit, and each is individually metered for electric and gas as well. All tenants have extension options on their leases, each with an annual 3.5% escalation clause built into their respective lease. Very little vacancy over the years. Gas station is in full compliance with state oil & gas regulations and has 24/7 monitoring of tanks. Seller currently pays property taxes and insurance; and bills tenants for utilities, and a prorated share of common area electric usage, snowplowing and maintenance. The building is in good shape, with a new roof installed in 2014 at a cost of $53,000, as well as new gutters. Gross income $169,860; net income of $134,729. Cap rate of 7.54%.