Warehouse Sale/Leaseback Opportunity
4224 Metric Drive, Winter Park, FL
$4,500,000
Price
7%
Cap Rate
42,000 sqft
Building Size
Overview
Description
The asset is zoned Industrial - Gross Scheduled Income (GSI) derived from market Price Per Square Foot at time of this BOV, $10 per sf/yr Modified Gross is the average rate for this type of product. Market vacancy of 6% estimated by COMPS. Operating expenses or OpEx of $1.50 - $2.00 per sf/yr estimated by COMPS in area. Pursuant to the scope of work requested, this BOV addresses the fee simple interest, as is, based on the hypothetical condition that a bonafide lease exists and the buildings and is 100% occupied. Industrial asking rents have accelerated over the last year, and Orlando's Year-over-year rent growth of 11.9% is outpacing the National Index of 10.7% over the same period. Seller is willing to entertain a Sale/Leaseback opportunity for 3 - 5 years. Quinco Electric has been in business for over 25 years.
This property is well-located in Central Orlando, just off of University Blvd with close proximity to SR-408 allowing for easy access throughout the market. Zoned Ind-2/Ind-3 (Orange County) the property can accommodate a number of industrial uses including those that require outdoor storage and other intensive uses like manufacturing.
The subject encompasses approximately 2.6 gross acres with 200 feet on Metric Drive facing east. The Parcel with ID 02-22-30-1572-00-110 consists of One Building (1) measuring approximately 41,712 SF and is zoned Industrial warehouse.
Documents
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