This commercial/industrial property is located on a 2.
23-acre flat lot, and situated on a corner off Reynolds and Main Street.
The property's location near major highways makes it an ideal area for transportation and logistics.
The average daily traffic count of Main Street is 8,200 and 7,400 for Reynolds Road.
With its versatile zoning designation, the property can accommodate a wide range of commercial and industrial uses, including as a potential gas station location, making it an attractive option for businesses and investors.
The property is located in a bustling commercial and industrial area, surrounded by a diverse mix of businesses, offering excellent exposure and visibility.
Owner finance Option Info:
Dated November, 2023
1\.
Purchase price.
The purchase price is $575,000.
00
2\.
Good Faith Deposit.
Buyer will place a deposit of 5 percent ($28,750) of purchase price in escrow after entering into a contract for purchase.
This deposit is non refundable after a 2 month due diligence period.
3\.
Downpayment.
A total of 20 percent of the purchase price is required for the down payment.
Including the good faith deposit, the buyer will need to bring the remaing 15 percent ($86,250) at closing.
3\.
Interest and fees.
Interest on the owner financing mortgage will be a fixed 8 percent.
The seller is responsible for the closing costs.
4\.
Amortization.
The mortgage will be amortorized over 20 years.
This will calculate the monthly payment.
5\.
Mortgage type.
Owner financing will be a Balloon Mortgage, with the full amount of the loan due in a maximum of 7 years, with the option to extend the mortgage 1 year at an 1.
5 percent increase in interest.
If not paid in full at the end of 7 years, the Buyer will then need to refinance the loan at a new current market interest rate, likely with a financial institution.
There will be no prepayment penalty for the Buyer.
6\.
Condition.
Buyer will purchase property AS IS.
7\.
Attorney.
The Mortage agreement and title work will be produced by Putnam & Creighton, P.
A.
8\.
Realtor: Austin Munday with Keller Williams Realty Smart will act as Transacton Broker between the Buyer and the Seller.
9\.
Estimated Monthly Payment: Given the former terms, the estimated monthly payment will be approximately $4000 a month.
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