|
A 132,000 square foot industrial
building in Petaluma, California was purchased from the
Federal Deposit Insurance Corporation in February 1996
for $3,111,000 with 15% down. At close of escrow, the
building was 65% occupied and generating an NOI of approximately
$310,000. A lease for the whole facility was negotiated
with an existing tenant which increased the NOI to over
$600,000, and cashflow after debt service to over $340,000.
The building was sold in April 1998 for a sales price
of $6,050,000. Capital improvements included roof replacement,
exterior painting, and tenant improvements. |
